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Ludorum

  • BY: Andrew Hore |
  • POSTED: 14/06/2013 |

Chuggington animation producer Ludorum is producing a fourth series of the pre-school TV series.

Ludorum has changed its year end to March so that it is the same as its master toy licence partner Tomy. In the 15 months to March 2013, revenues were £7.78m. Admin expenses have been reduced, partly due to a re-classification, but there was still a loss of £152,000. Management says that like-for-like revenues fell but operating profit improved from £320,000 to £440,000. There are higher profit participation payments in the first quarter of each calendar year based on Christmas trading. This is why the 15 month figures appear poor.

Consumer products revenues grew from £6.27m in 12 months to £7.17m in 15 months but broadcasting revenues fell. The series has started to be broadcast in India and Brazil in recent months.

Creditors include £218,000 of unpaid remuneration and pension payments to directors. Operating activities generated £448,000 but £1.21m was invested in intangible assets. There was £9,000 in the bank at the end of March 2013 offset by an overdraft of £966,000.

In March 2012, Ludorum redeemed £1.5m of loan notes held by fund manager Downing and reissued new loan notes of the same value to Downing. Publisher DC Thomson has bought £1.25m of loan notes. All the loan notes are repayable in March 2017. Net debt was £3.26m at the end of March 2013. There is an additional overdraft facility of £293,000 available.

Ludorum and toy maker Tomy jointly funded the first 92 episodes of Chuggington and they are financing a fourth series of 26 episodes of 10 minutes at an additional cost of £4.4m.

There are plans to change the toy product lines. These will be launched in the UK and US before Christmas following the commencement of the broadcast of the latest series.

At 124p a share, Ludorum is valued at £12.2m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf

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