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Ludorum

  • BY: Andrew Hore |
  • POSTED: 18/12/2014 |

Animations producer Ludorum has decided to leave AIM because of a lack of liquidity in the shares. 

Ludorum produces the children’s animation Chuggington which has been licensed for broadcast in 175 countries. However, a couple with a single TV series is always going to be inherently risky even with the broad geographic spread. It is difficult to build a quoted company on the back of one TV series, especially with the additional costs of being quoted. The company does have impressive backers in Downing and DC Thomson.

Revenues were £4.91m in the year to March 2014, compared with £7.78m in the 15 months to March 2013. It made a profit of £184,000.

The latest interims show a decline in revenues from £2.53m to £2.03m mainly down to lower consumer revenues and the interim loss fell from £62,000 to £11,000. Net debt was £3.29m at the end of September 2014. There was more than enough cash generated from operations to cover the investment in intangibles.

At 20.5p a share, Ludorum is valued at £20m. The share price has been in continual decline this year. There are plans for a matched bargain facility.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2014_63.pdf

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