FFI Holdings PLC Trading Statement (6731R)
04 March 2019 - 6:00PM
UK Regulatory
TIDMFFI
RNS Number : 6731R
FFI Holdings PLC
04 March 2019
FFI Holdings PLC
("FFI" or "the Group")
Trading Update
London, 4 March 2019 - FFI Holdings PLC (AIM: FFI), a
world-leading provider in the provision of diversified services
across the entertainment industry, provides a trading update ahead
of reporting its results for the fiscal year ending 31 March
2019.
The Company's Completion Contract business has been experiencing
a significantly slower second half of fiscal 2019 primarily driven
by timing of closing current deals, a decrease in average
production size, lack of larger production titles and reserves for
possible claims, the details of which are still be worked out.
Additionally, the Company's Insurance Agency business has been
impacted by the delay in certain larger production titles which
were originally scheduled for calendar Q1 2019. These titles are
now expected to close in calendar Q2 2019. The combined impact is
expected to be approximately $6 million of EBIT. While there is
considerable uncertainty in the incidence and timing of a number of
items, the Board of Directors expects Underlying EBIT for the
fiscal year ending 2019 to be in the range of $7.5-$11.5
million.
About FFI Holdings PLC
FFI Holdings PLC is the holding company of Film Finances Inc., a
leading provider of diversified services across the entertainment
industry. FFI was formerly focused on completion contracts to the
entertainment industry, and over successive decades, has grown
globally to become a trusted, iconic brand at the centre of the
film industry.
Founded in the 1950s, FFI soon established itself as the world
leader in completion guarantees to the entertainment industry,
offering assurance to financiers that productions will be completed
on time and on budget. These guarantees serve to offload risks to
production budgets and timelines for financiers, as well as for FFI
through long-standing insurance relationships.
FFI listed on the AIM market in June 2017 and has diversified
its business beyond completion contracts to provide services across
the broader entertainment landscape. FFI is also present in China,
where it provides a growing range of entertainment-related services
including completion contracts to the domestic film making
industry.
Headquartered in Los Angeles, USA, FFI has 11 offices globally,
including in London, Stockholm, Toronto, New York, Cape Town,
Cologne and Shanghai.
ENQUIRIES:
Hawthorn Advisors (Public Relations)
Victoria Ainsworth
+44 (0) 20 3745 3815
FFI Holdings PLC
David Sasso, Head of Investor Relations
+1 310 275 7323
Liberum (Nominated Adviser and Corporate Broker)
Steve Pearce
Joshua Hughes
+44 (0) 3100 2000
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END
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