printable version

VTR plc ("VTR" or the "Company")

Audited Results for the year ended 31 March 2008

30^th August 2008

Highlights

The Board of VTR plc, the Media Services Group, is pleased to announce its audited results for the twelve months to 31 March 2008

Overview

• Pre tax profits of £472,538 (7 months to March 2007: £646,422) after an exceptional charge of £604,461 which represents payment made in settlement with former director
• Turnover £17,964,406 (7 months to March 2007: £10,604,289)
• EPS 2.11p (7 months to March 2007: EPS 2.30p)
• Business units continue to perform well in challenging market
• Acquisitions successfully integrated into core business and perform beyond expectations

Corporate Restructuring

• VTR plc is to undergo a corporate restructure designed to better reflect the global nature of the Prime Focus Group of Companies. This process will create a transparent corporate structure for stakeholders and the financial community and reduce the total number of group companies from 12 to 6.

• VTR plc name to be changed to Prime Focus London plc.

• Includes a global re-brand which aims to create distinct sector specific offerings in line with the parent group’s objectives. The re-branding exercise will take place both at holding company level and operating level.

• Five distinct business units to be created:

• New company (name to be agreed) to be formed & newly branded to focus on advertising, acquiring the commercials business of Prime Focus London Limited (formed through the merger of the businesses of Clear, VTR Limited and The Hive)
• Blue Post Production Ltd to focus on broadcast, dubbing/duplication, mastering, restoration and allied services
• Machine Effects Ltd to focus on film and visual effects
• New Company (name to be agreed) to be formed to takeover the existing asset management business of the Group (Clipstream Ltd and the online business of The Machine Room Limited).
• K<Post to continue to provide in-house services for advertising agencies

• As part of this reduction in total number of limited companies from 12 to 6, certain business units such as The Hive Animation Ltd, Clear Post Production Ltd, Prime Focus London Ltd and United Sound and Vision Ltd will be liquidated. Machine Room Limited will be merged with Blue Post Production. VTR Media Investments Limited to be merged with VTR Plc. Restoration Media Content Limited name has been changed to PF (Production) Limited.

           
Namit Malhotra, Chairman VTR plc, comments

“Our Company has performed well and we have reaped the benefits associated with being part of a global offering. However, we have recognised the need to simplify our corporate structure in order to ensure it reflects our business lines for all stakeholders, staff, clients, shareholders and providers of finance. By completing this reorganisation we will be able to focus on delivering growth for our business and continue to deliver value for our shareholders.

I am excited by the future and with our new global identity in place we will be able take the business to the next level.”

Contacts

printable version