Facilities by ADF plc (LON: ADF), which hires out serviced production facilities, location equipment and ground-protection gear to the UK and European film and high-end television industry, said earlier today that full-year results will now come in below current market expectations. The warning followed unaudited results for the six months to 30 June showing a widened loss and falling margins.
Shares in the AIM-listed group fell 15.89% to 10.77p, against a previous close of 12.8p, with the stock touching an intraday low of 10.0p, close to the bottom of its 52-week range of 9.5p to 20.64p.
The decline stems from a 15.6% year-on-year drop in UK film and high-end TV production spending in the first half, according to the British Film Institute, cited in the company’s results. That hit ADF’s core facilities business hardest, with revenue there falling to £9.4m from £10.8m, dragging group revenue down 4.6% to £16.6m from £17.4m.
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Adjusted EBITDA, earnings before interest, tax, depreciation and amortisation, fell to £1.7m from £2.2m, a margin of 10.2% versus 12.6% a year earlier. The pre-tax loss widened to £3.3m from £2.0m, while net debt rose to £14.5m from £13.2m. The board is not recommending an interim dividend, having paid 0.3p per share a year earlier.
Chief executive Nicola Pearcey, who joined in January, said: “My first six months at ADF have highlighted the strength of our people, customer relationships, and leading market position. While trading conditions across the film and TV industry have remained challenging, the business has delivered growth in Location One and Autotrak, underlining the resilience of our increasingly diversified model.”
Those two units offered the clearest counterweight: Location One’s revenue grew 7% to £3.3m and Autotrak’s rose 14% to £3.9m. Management pointed to the FY27 order book and pipeline, which as of 7 September stood 4.5% ahead of the equivalent position a year earlier, as the basis for expecting conditions to improve.
