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FFI Holdings stabilises after Weinstein fall-out

Since December trading has been as expected with underlying profits between US$15-18mln , FFI said

Hunger Games
Hollywood business has steadied since December

FFI Holdings Plc’s (LON:FFI) trading has stabilised after a profit warning in December prompted by fall-out from the Harvey Weinstein scandal.

The business specialises in completion contracts, in effect a guarantee that a film or TV programme will be finished.

READ: FFI Holdings buys UK film distributor Signature

Numerous productions were cancelled at the end of last year in the wake of the allegations against Weinstein and other leading Hollywood figures.

Since December, though, trading has been as expected said FFI, which expects to report underlying profits [EBIT] in the middle of a previously indicated range of US$15-18mln in the year to March.

In addition, a documentary about pandas in conjunction with cinema owner IMAX marked a move into original content and was released to good reviews in the US last month 

IMAX intends to release the documentary into more US cinemas and globally later in the year.

Since listing on AIM last year, FFI has been diversifying its operations.

Film equipment rental capacity is up 30% year-on-year, an entertainment underwriting relationship with German group Allianz and motorsports insurance.

Steven Ransohoff, FFI’s chief executive, said the trading in the completion contract business meant he was confident to reaffirm the financial guidance issued in December. 

“Looking ahead, the successful launch of our IMAX collaboration with Pandas to strong critical acclaim early in our new financial year offers us a solid foundation upon which to grow in the year ahead." 

Quick facts: FFI Holdings PLC

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AIM:FFI
Market: AIM
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