Videndum reports improved Q3 order intake amid ongoing lender talks By Investing.com
Key Takeaways
- Videndum's Q3 order book increased by approximately 40% year-on-year as of September 30.
- Q3 revenue decline significantly narrowed to 8% year-on-year, compared to a 25% decline in the first half.
- Q3 EBITDA was 50% higher than the first half's results, benefiting from cost-saving programs.
- The company met its September EBITDA covenant and is making constructive progress on its deleveraging plan with lenders.
- Videndum completed the sale of its JOBY brand, receiving initial gross cash proceeds of around £5 million.
Videndum provided a positive Q3 trading update, indicating a recovery following a slow summer, with order intake strengthening considerably. The order book grew approximately 40% year-on-year by September 30, and September orders represented the highest level in over a year. Revenue decline improved to just 8% year-on-year in Q3 (excluding the 2024 Paris Olympics effect), a substantial improvement from the 25% decline seen in the first half, bolstered by a 50% rise in Q3 EBITDA over H1 results due to effective cost-saving programs. The company reported meeting its September EBITDA covenant and is progressing constructively with lenders on a deleveraging plan, noting net debt stood at £139 million. Videndum also finalized the sale of its JOBY brand, receiving initial cash proceeds of about £5 million. The board maintains unchanged fiscal year 2026 expectations, anticipating that limited inventory will allow any market demand uptick to quickly translate into revenue.
