RDF Media

‘We’re making more programmes in more genres for more broadcasters than ever before’, commented David Frank, founder and chief executive of RDF Media, the acquisitive TV production play that floated on AIM in May 2005.

His words accompanied strong maiden full year figures to January from the fast growing content producer and rights distributor. Pre-tax profits (before float costs) beamed 26% higher to £5.3m on turnover raised 23.4% to £59.5m, driven by buoyant rights sales and acquisitions. Year-end cash was a reassuring £2.7m.

RDF continues to foster strong ties with the BBC, enjoying 209% growth in organic BBC revenues last year to £3.4m, with BBC sales including acquisitions an even higher £12.7m. The strength of the group’s relationship with Channel 4 was also in evidence with three new series commissioned – including Britain’s Top Dog and The Philanthropist – and the Wife Swap and Location Location Location brands reordered. Frank insists the rights division – which represented 3,010 of programme hours and made sales to 213 different broadcasters in every continent last year – continues to flourish in a rights market liberated in the wake of the Communications Act 2003.

The company has made four acquisitions since float, including IWC Media, which made RDF the biggest independent producer in Scotland (a savvy move given that broadcasters are under pressure to commission programming from outside London) and Presentable, which brought capacity in Wales as well as a foothold in the market for gaming-based programming.

For the current year, Investec Securities suggests pre-tax profits of £8m from a top line £92.8m, giving earnings of 14.2p and placing the shares on an undemanding forward multiple of 14.2. Buy.