Videndum (VID) Trading Update summary

Financial performance and covenants

• FY24 results aligned with previous guidance; December 2024 covenant test met.

• February 2025 covenant test waived; ongoing discussions with banks for March 2025 covenant and RCF access.

• March 2025 covenant will not be met due to weaker H2 FY24 performance; amendment or waiver required.

• Refinancing of the Revolving Credit Facility, expiring August 2026, is in progress with continued bank support.

Operational efficiency and restructuring

• Additional restructuring includes transferring manufacturing from Bury St Edmunds to Feltre, Italy.

• 2025 cost-saving target increased to £15 million from £10 million; measures are structural.

• Cash restructuring costs expected at £15 million, with £3 million incurred in FY24.

• Employee and union agreements secured to deliver planned savings.

Market outlook and business confidence

• Gradual market improvement observed, especially in Cine and Broadcast segments.

• Stronger order momentum anticipated after early-year seasonal slowdown.

• Cautious on immediate uptick, but confidence in revenue improvement through the year.

• Management confident in positioning for market recovery and margin expansion.