In a trading update to the London Stock Exchange, DCD reiterated that the end of money-spinning franchise Bridezillas, which WEtv cancelled last year, would impact 2014 revenues and “has required a reshaping of the cost base”.
DCD expects to post full year revenues to December 31, 2013 of around £14 million (US$23.1 million). Though this is in line with expectations, it represents a drop on the £16.1 million posted in 2012 and £19.4 million in 2011.
“We continue to find trading difficult in the production division, and although we have continued to support development activities, we anticipate the market will remain challenging in the coming months,” said DCD CEO David Craven, whose firm Timeweave has established a controlling stake in the West London-based business.
DCD’s sales and licensing arm, DCD Rights, has a “strong outlook”, however. Recent finished sales include ABC’s Australian comedy A Moody Christmas going to Hulu and UK pay TV channel Sky Arts; and Foxtel and Norway’s NRK buying Channel 4 ob doc Liberty of London. It also closed a batch of UKTV factual sales before NATPE this January and sold ITV magic series Penn & Teller: Fool Us to The CW.
US broadcast network NBC has also greenlit an eight-part remake of Australian drama The Slap (above), the rights to which it acquired in 2012 from DCD. Universal Television and Matchbox Pictures are producing, with Brothers & Sisters creator Jon Robin Baitz attached to write.
“In 2014 we remain focused on transforming our business profile and improving our earnings,” said Craven. “We are hopeful we can secure meaningful production commissions in the near future but reiterate that trends in TV production are pointing to a slowdown in new business.”