Facilities at ADF: ‘Momentum is returning’ to to UK film market after strikes
Film and TV production trailer provider Facilities by ADF has reported a “resilient market performance” despite a turbulent year in the film industry due to the Hollywood writers and actors strike.
In an update to markets, the leading provider of premium serviced production facilities to the UK film and high-end television industry, including the Crown, said that revenue fell by 30 per cent to £15.2m in the six months to 30 June.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 57 per cent to £2.5m year on year.
The company’s loss before tax was £0.8m, from a profit of £2.7m in the first half of 2023.
Revenue rose 17 per cent from the second half of 2023, however, “as market conditions began to normalize”, the company said.
Adjusted EBITDA, profit before tax and earnings per share all had significant gains half-on-half, by 67 per cent, 62 per cent and 66 per cent respectively.
ADF said its order book for the second half of the year was “building well across the summer months” as “momentum returns across the market”.
The strikes ran from 2 May 2023 to 9 November 2023 and caused significant disruption across the film sector.
Facilities by ADF chief executive Marsden Proctor said he was “proud of the performance delivered in [the half]… [as the] industry continues to recover from the impact of last year’s strike disruptions.”
“With the market normalising, we continue to be well-positioned to achieve our goal of becoming a One-Stop-Shop, which is further strengthened by our strategic acquisition of Autotrak post-period end.”
ADF completed the acquisition of Autotrak Portable Roadway, a portable roadway supplier, on 10 September.
Proctor added that he remained confident in achieving ADF’s aim of generating £100m revenue in the medium-term.