Independent TV production group DCD Media has registered positive results – including a 28 per cent hike in its adjusted EBITDA – in the six months ended 30 September.
The company’s gross profits have gone up 11.4 per cent compared with the same time last year, while operating profits have jumped 7.8 per cent to £263,000.
“Despite market headwinds as a consequence of Covid and economic disruption, the DCD Rights sales team continued with very positive engagement in the sales market and looks forward to a successful outturn for the financial year, in spite of the stated challenges presented by the Covid-19 pandemic,” said DCD’s executive chairman David Cranven.
DCD, whose adjusted profits before tax more than doubled to £402,000, has acquired international rights for the second season of Australian thriller ‘The Secret She Keeps’, confirming pre-sales to BBC UK and Sundance Now.
The group was recently acquired to Singapore production and financing studio 108 Media. Announced on 16 November and completed three weeks later, the 108 Media deal was worth £4.7m.
“While the board was confident of the continued momentum in the business and following a period of sustained sales growth, the shareholders have taken the opportunity presented by global distributor and funder 108 Media to divest themselves of DCD Rights and its related entities after the period end in a sale to 108 Media Limited, announced on 16 November 2021 and approved by shareholders on 2 December 2021,” Craven added.
“The board therefore believes the immediate horizon continues to look promising for DCD Rights and its associated businesses and in the mid to long-term, the sale to 108 Media will be a catalyst for delivering deeper funding arrangements to support the continued growth being driven by the DCD Rights’ senior management team.”