Technicolor - Portfolio focus

Technicolor has announced the disposal of the post-production house of Production Services for €30m, for completion in H121. This leaves the segment focused on VFX (visual special effects) and animation, where growth and margin prospects are higher. FY21 has a good project pipeline, with around two-thirds of the year's expected film and episodic VFX sales in place. No group level update was given, although Connected Home recently passed the milestone of shipping 20m DOCSIS 3.1 boxes. We have made a precautionary trim of 3% to our FY21e revenue to reflect the continuing COVID impact, reducing EBITA by €7m to €97m. CEO Richard Moat purchased €1.1m of shares in December, as agreed at the restructure.

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