Music Festivals PLC Operational & Financing Update (1805J)
02 8월 2012 - 9:02PM
UK Regulatory
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RNS Number : 1805J
Music Festivals PLC
02 August 2012
2 August 2012
Music Festivals plc
("Music Festivals" or the "Group")
Operational & Financing Update
Music Festivals plc (AIM: MFP), a company which owns, develops
and produces music festivals, announces an operational and
financing update.
The Group's two main festivals were held in July 2012 and as set
out in the announcement dated 3 July 2012, tickets sales at that
date led the Directors to believe that the Group's financial
results for the year ending 31 December 2012 would be significantly
lower than market expectations.
The Group was particularly impacted by weaker than expected
ticket sales at Hop Farm Music Festival which was loss-making. The
Benicassim festival continued to be profitable but at a much lower
level than 2011. As a result, the Group currently expects to report
a material loss for the year ending 31 December 2012 and is
exploring ways of raising additional working capital.
For further information please contact:
Music Festivals plc
Vince Power (Chief Executive) Tel: +44 (0)20
7644 1420
Merchant Securities Limited (Nominated Adviser and
Broker)
Simon Clements/Virginia Bull/Catherine Tel: +44 (0)20
Miles 7628 2200
Mission Public Relations
Andrew Murray-Watson Tel: +44 (0)20
7845 7800
This information is provided by RNS
The company news service from the London Stock Exchange
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