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FFI warns again as contract delays and smaller film budgets affect numbers

Contract timing issues, smaller budgets and reserves for possible claims will affect results
FFI is feeling the pinch from contract delays

FFI Holdings Plc’s (LON:FFI) annual results this year to March will be lower than previously indicated due to weak revenues in the core film insurance business.

The film insurer warned over trading in December but said contract timing issues, smaller budgets and reserves for possible claims will also affect results this year.

FFI’s insurance agency business had also been hit by delays in some larger production titles scheduled for this quarter, which are now expected to fall into the next financial year.

All told, the combined impact on underlying earnings is expected to be approximately US$6mln.

Provisionally, FFI now expects underlying EBIT to be in the range of US$7.5-US$11.5mln, but added there remains a lot of uncertainty over the final outcome.

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