Film and TV production services company floats on AIM
Article Date: Sep 04 2007A British company that supports film and television producers on location shoots has floated on AIM. The initial public offering (IPO) raised Hollywood Media Services £850,000, or £500,000 after expenses, at 3p per share.
The company intends to use the proceeds to support organic growth: specifically, to increase the size of its fleet, which currently consists of three “units” (each unit comprising seven or eight vehicles). It also expects the IPO to enhance its profile and financial credibility.
In the medium term, and assuming the necessary finance can be raised, Hollywood’s board plans to build a national business that may extend its client base outside the film and television industries while remaining focused on its core business.
The company’s clients during 2006 included the BBC, ITV and independent drama producer Company Pictures. Its turnover for the year to December was £1.1 million, up 394 per cent on the previous year, with post-tax profits of £64,000, compared to post-tax losses of roughly the same amount for 2005.
In addition to providing managed facilities to the film and television industries, the company offers catering from mobile kitchens, which can provide a full day’s catering for up to 200 people without access to water, mains power or sanitation.
