By Christian Moess Laursen
Facilities By ADF has announced that its pretax profit surged by more than double in the first half of the year, thanks to increased revenue from strong demand and its acquisition of Location One.
In the half-year period, the provider of serviced production facilities to the U.K. film and television industry saw its pretax profit rise to £2.7 million ($3.3 million), a significant increase from £1.25 million in the same period last year.
The company also reported a rise in revenue, reaching £21.8 million from £12.6 million in the prior year. This boost in revenue can be attributed to the strong demand overall, as well as the contribution of Location One since its acquisition back in November. Higher value productions in the half-year also played a role in the revenue increase.
Looking ahead to the full year, Facilities By ADF anticipates generating revenue of at least £35 million from its productions and pipeline. However, this projection is contingent upon the absence of any resolution to the writers and actors strike in the U.S. during the second half of the year.
Once the situation normalizes, the group expects to capitalize on the pent-up demand for film and high-end television productions, particularly with Location One fully integrated into their operations.
Additionally, Facilities By ADF announced an increase in its interim dividend to 0.5 pence per share from 0.46 pence per share last year.
Shares of Facilities By ADF are currently trading up by 1.5% at 53.00 pence as of 0842 GMT.
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