Trading update: Beyond International
Beyond noted it expects to report a loss of $0.5m for the six months ending December 31, 2016
Beyond International released a trading update to the ASX yesterday flagging information it first highlighted at the AGM last November when it noted its first half 2016-17 results would be down year on year.
Beyond noted it expects to report a loss of $0.5m for the six months ending December 31, 2016. The company reports the loss comes after unexpected stock returns at the Distribution, Copyright and Beyond Home Entertainment (BHE) division. An unnamed retailer forced a change in the trading terms with BHE and then subsequently returned stock sold to the retailer by BHE in the previous financial year. Beyond has also flagged the retailer involved could yet have more stock to return which could further impact the results for the six months ending June 30, 2017.
Beyond told shareholders it will continue to focus on its core business of media production and distribution.
It noted program production has performed strongly recently with 33 hours of programming produced and delivered to Netflix, with a further 41 hours currently in production for Netflix USA.
