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FFI Holdings sees underlying profits improvement

FFI expects underlying profits to rise to between US$20-22mln this year
Film reel
FFI's core business is to make sure films get finished

One-off costs and disruptions to Hollywood productions knocked annual numbers at film finance and services specialist FFI Holdings PLC (LON:FFI).

Pre-tax profits to March fell 49% to US$5.3mln, largely due to the US$9.5mln cost of listing on AIM in June 2017.

READ: FFI Holdings sees underlying profits improvement

Underlying profits rose 30% to US$16.6mln while revenues were 52% better at US$58.9mln after a number of service business acquisitions over the year.

FFI expects underlying profits to rise to between US$20-22mln this year, but this was below house broker Liberum’s expectations.

The broker has cut its price target to 91p from 110p and reduced its profits forecast for the year to US$21mln.

Steve Ransohoff, FFI’s chief executive, said the company had achieved its strategic goals in 2017 despite the headwinds while streaming content from such as Netflix and Amazon was providing new opportunities for the company.

FFI ended the year with cash of US$19.4mln.

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