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(PFO.L) Prime Focus London PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 01-10-09 | RNS |
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RNS Number : 0385A Prime Focus London PLC 01 October 2009 Prime Focus London plc ("the Company") Result of Annual General Meeting The Company is pleased to announce that all resolutions proposed at its Annual General Meeting held on 30 September 2009 were duly passed. 1 October 2009 For more information, please contact: Tony Bradley Group Communications Director 020 7565 1000 tony.bradley@primefocusworld.com Charles Stanley Securities (Nominated Adviser) Philip Davies / Carl Holmes 020 7149 6000 This information is provided by RNS The company news service from the London Stock Exchange END
RAGFSWSUFSUSESS More |
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| 08-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6658Y
Prime Focus London PLC
08 September 2009
Prime Focus London plc
AUDITED RESULTS
FOR THE YEAR ENDED 31 MARCH 2009
Chairman's Statement
The Board of Prime Focus London plc (formerly VTR plc) (the Group) is pleased to announce the results for year ending 31 March 2009 presented according to International Financial Reporting Standards (IFRS).
This past year has been a difficult trading year with the effects of the 'credit crunch' filtering through the global economy. Business conditions have been difficult in all sectors and Media and Entertainment services have been no exception. According to PricewaterhouseCoopers, Global Entertainment and Media (E&M) Outlook 2009-2013 report, growth in the UK E&M market slowed to 1.5% in 2008 and it is expected that the market will experience a cumulative 7.2% decline in revenue from 2008-2010, from USD 92 billion to USD 85 billion.
Advertising spends were reduced impacting TV and print sectors which depend on advertising revenues. Film production spend was also down, by 23% to GBP 578million, in 2008 according to the World Film Market Trends Focus 2009 report. This was compounded by the US writer's strike and actor's dispute in the US.
In line with the above, the year to 31 March 2009 the Group made a profit before tax of £ 216,913 on a turnover of £15,895,832 compared to a profit before tax of £472,538 on a turnover of £17,964,406 for the year ended 31 March 2008. Earnings per share were 1.48 pence per ordinary share based on share capital as at 31 March 2009 compared with earnings per share of 2.11 pence for the year ended 31 March 2008.
We had informed the market that we were predicting a trading loss for the year ended 31 March 2009. The above profit before tax is as a result of exceptional and extra-ordinary income, and recognition of deferred tax asset, additional details of which form part of the accounts and notes thereof.
Net debt was £4,158,205 at 31 March 2009 compared to £4,049,010 as at 31 March 2008 and gearing at the year end was 50.67% compared to 37.32% as at 31 March 2008.
The integration with other acquisitions made by the Prime Focus Limited, a company incorporated in India ("Parent Company"), over the last few years in North America (Frantic Films VFX Inc. and Post Logic Studios Inc.) is now complete giving the Parent Company a strong presence in every major market in India, North America and Europe. This will enable us to build a platform for strong growth in the years to come. Our worldsourcingTM model allows us to leverage the Group, using the Parent company's global network, to provide unique access to the best global talent and the most cost effective solutions to clients across the world, without compromising on quality, timing or accountability.
Corporate Restructuring
As at the end of the last financial year, we were keen to streamline the UK group structure to get clear identifiable trading businesses which are distinct from each other and offer greater visibility to all stakeholders. During the year, as a result of the restructuring, Outpost Post Production Limited (formerly known as Video Tape Recording Limited) and Clear (Post Production) Limited were placed in administration and liquidation respectively.
Our challenge this year was to marry this aim with the Parent Company's global strategy to use the same brand names for all the Group businesses to allow for better integration and clarity.
Consequently, we are in the process of structuring all our Soho based businesses into distinct business lines which will operate within a single company Prime Focus London Plc. The business lines are;
* Commercials post production - a high-end post production arm.
* Broadcast post production - consisting of the trading activities of Blue Post Production Limited and The Machine Room Limited.
* Feature Film Visual Effects - consisting of the trading activities of Machine Effects Limited which provide cutting edge visual effects services for feature films.
In addition to the above, the Group has separate companies for joint ventures partnerships and non post-production related businesses such as K-POST, which is with JWT based out of Knightsbridge.
The remaining dormant companies whose activities have already ceased or have been merged into one of our five new business units will be liquidated.
Management
I had mentioned in the previous year annual report that Anshul Doshi (member of the Board) took over the role of Group Managing Director, but would still retain his prior role as Finance Director until such time as a suitable replacement was identified for the role of either Group Managing Director or Finance Director.
I am pleased to announce that Neil Barnett joined in January 2009 as the Group Chief Financial Officer. Neil is a member of the Chartered Institute of Management Accountants and his previous experience includes 10 years as Chief Financial Officer and Company Secretary of Cinesite, where he oversaw its growth into one of the world's largest and leading companies providing film services.
Effective from February 2009, Michael Constantine has joined as the Director of Global Marketing. Michael has over 25 years experience in marketing and is a former agency leader at the prestigious Leo Barnett agency. Michael is to be instrumental in the development of the company's market and brand positioning, helping to build the group's business and reputation worldwide and oversee partner and supplier relationships
Strategic appointments were made into the commercials, broadcast and Digital Asset Management areas of the UK business. Daniel Sapiano (Commercial Director) and Beth Vander (Head of Production) were recruited from respected commercial post house, The Mill whilst Tareq Kubaisi returned to Prime Focus. His appointment was a major statement of intent to the industry as he is one of the top colourists and creative talents in the UK today.
Outlook
The current year has seen a difficult start as confidence in the economy remains fragile. However, despite operating in trying times, I feel that we have made strategic moves which will put us in prime position to take advantage of the imminent recovery. As per the above mentioned PricewaterhouseCoopers report, the global E&M market is estimated to grow at 2.7% annually to reach a size of USD 1.6 trillion in 2013.
In particular, we are excited by the roll out of our above mentioned worldsourcingTM model and the positive impact it will have on all aspects of the business. The coming year should see the strength of Prime Focus as a global brand fuel our recovery and put us in a position of strength going forward.
Namit Malhotra
Chairman
7 September 2009
Managing Director's Review
Leading on from the chairman's comments, I would like to begin by echoing his sentiments pertaining to this being a difficult trading year as a consequence of the prevalent economic conditions. This has impacted our financial performance this year; however, a strong sales drive and important cost reduction steps, including salary reductions for staff, will mitigate the negative impact going forward. Looking at the individual elements of our business:
* Commercials division offers high-end visual effects (VFX), colour grading, and full post-production services to the international commercials, music video and feature film industries.
The year saw a major restructure of the commercials business with a revitalisation of the operational and technical infrastructure of the division and a renewed commercial strategy that saw brand development and market awareness increase immeasurably.
An aggressive sales initiative on the commercials side of the business led to us winning work on major brands such as Herbal Essences, Citro? Macleans, Kenco, Nike, Givenchy and McDonalds for some of the world's biggest agencies including JWT, M&C Saatchi, DDB and Euro RSCG.
We have recently won prestigious accounts for 118118 and AVIVA, and concluded successful projects such as the 'Rubberduckzilla' used in the Oasis advertising campaign and a series of indents for the rebranding of UKTV style channel amongst others.
On the music side, work was completed over the year on promos for Prince, Kanye West, Girls Aloud and U2 as well as the full HD post production and effects on the concert film of Madonna's worldwide 2008/2009 tour.
* Broadcast division offers the top-end broadcast post-production - from short-form titles sequences, idents and on-air promos to long-form television programming such as documentaries, sitcoms, dramas and factual series.
The broadcast division continued to reinforce its already strong reputation in the industry by providing full picture and sound post production services on major projects such as Great British Menu, EMMY Award winning - The Beckoning Silence, The Hottest Place on Earth, Criminal Justice, The American Future, Jamie Oliver's Ministry of Food and Piers Morgan series.
These were delivered to a variety of broadcasters including Discovery Channel, National Geographic, Sky, BBC, BBC HD, ITV and five.
* Feature Film Visual Effects (VFX) division offers a full range of services to film and broadcast including pre-production, pre-visualisation and design, VFX supervision, 3D animation, matte paintings, digital grading and title design.
Machine Fx will move into the Group's headquarters on 64 Dean Street. They have continued their work to position themselves in the international and local markets, leveraging on the scale of the Parent Company. Recent films they have worked on include the," the British film "Franklyn" which involved completing 45 shots in just six weeks. They have now completed their work on films, such as 10,000 BC, Fred Clause and the latest James Bond flick "Quantum of Solace."
* Outside facilities - KMore |
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| 21-10-08 |
HOLD
Hello 25p
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As noted before, the share price now represents approximate company value.
With Neil Lane gone, this company may now move forward. I'm keeping an eye on it. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 18-01-08 | ||||
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Shake-up starts to work at VTR
Created: 14 January 2008 Written by: Nigel Bolitho Three years ago, Soho-based VTR was in a bad way. It was overstaffed, rented too many buildings in central London and subsidiaries were competing against each other. So in came new management, who reckon to have reduced costs by about £4m over the past 18 months. Employee numbers have fallen from over 320 to 260, subsidiaries have been merged into the visual effects and broadcasting divisions, and the number of buildings occupied has halved to three, thereby saving £1m a year in rent. VTR has also found a sugar daddy in the form of Prime Focus, one of Indias largest post-production houses. Two years ago, it invested £4.5m and now has a 58 per cent stake. The obvious benefit to VTR of the link-up is that it can now offer film companies cheaper, yet still high quality, work in India: over the past three months its Indian subsidiaries have completed no less than 2,500 visual effects shots for three feature films. Prime Focus has recently acquired post-production companies in Canada and Los Angeles, and these deals should mean increased business for VTR as major film studios increasingly resort to global services in order to save costs. Earlier this month, VTR bought a visual effects company specialising in television work. Further acquisitions can be expected. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 01-12-07 | ||||
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November 28, 2007 08:00 AM Eastern Time Prime Focus Group Acquires Post Logic Studios and Frantic Films VFX Global Post-Production Powerhouse, Prime Focus Group, Expands Holdings to North America with Purchase of Hollywood and New York-based Post Logic Studios and Frantic Films VFX offices in Los Angeles, Winnipeg and Vancouver LOS ANGELES--(BUSINESS WIRE)--Prime Focus Group (MUMBAI:PRFOCUS) announced its first North American holdings today with the acquisitions of Post Logic Studios and Frantic Films VFX. Terms of the acquisitions were not disclosed, and the transaction is subject to the regulatory approval of shareholders. Prime Focus Groups global footprint is significant with six visual effects and post-production facilities across India and four facilities in London. This latest acquisition adds new facilities in Los Angeles, New York, Vancouver and Winnipeg, along with ownership of 55,000 square feet of prime real estate in the heart of Hollywood, CA, and 200 new staff members. Aiming to become the leading visual effects and post-production service provider in each local market, Prime Focus facilities in India service the countrys thriving two-billion-dollar film industry; its London facilities service European film and television projects and in North America will continue to service the domestic film market. Bicoastal post facility Post Logic Studios, with offices in Hollywood and New York, is known for delivering high level digital intermediate, color science and post-production services to independent and studio feature clientele. Recent projects completed at the facility include Halloween, American Gangster, Mysteries of Pittsburgh, Phoebe in Wonderland, Smart People, Elite Squad and more. Frantic Films businesses include an award-winning visual effects company, with offices in Los Angeles, Vancouver and Winnipeg. Prime Focus will also be acquiring Frantic Films Software, the companys R&D division that develops and markets visual effects software solutions. Frantic Films has worked on top Hollywood films including Fantastic Four: The Rise of the Silver Surfer, Grindhouse, Superman Returns, X-Men 3, Poseidon, Mr. Magoriums Wonder Emporium and Journey 3-D. Prime Focus Group is one of the largest integrated film, advertising and television post-production and visual effects companies in the world. It operates six studios in three different cities in India and four studios in London comprising Prime Focus UK, formed last year after the equity investment in effects and post company VTR (LSE:VTR). Prime Focus Group plans to continue operations of both Post Logic Studios and Frantic Films as independent facilities, providing both companies access to a talent base of over 400 visual effects artists worldwide. We are extremely delighted about investing in the incredible talent pool and technology at Frantic Films and Post Logic. The acquisitions strategically complete the Prime Focus Groups global proposition to ensure the best creative and technical services for content companies worldwide, said Namit Mahlotra, Managing Director, Prime Focus. By virtue of their fantastic reputations and top quality services, Post Logic and Frantic Films will facilitate a gateway for Prime Focus Group into all of the major studios. Both companies also have strong R&D divisions that have developed proprietary technologies and processes for film color management, visual effects and pipeline collaboration which will benefit the organization as a whole. Having just launched our Image Science Division and refining our 4K DI workflow, this acquisition comes at a very exciting time in Post Logics history, said Larry Birstock, CEO, Post Logic Studios. We look forward to being part of the successful Prime Focus organization and to taking advantage of creative synergies across continents and across disciplines to deliver a new model for the future of digital post production. The acquisition by Prim . . . Read Full Message More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 12-07-07 | ||||
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Hmmm. The dead wood has been cut, hence the return to profit, but turnover has decreased and there's still no dividend.
The business environment is still very difficult, and no savings have been made outsourcing to India. Cuurent prices are unrealistic - I think this will sink back to 20 - 25p when the real picture appears.
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