Multiplatform TV revenues drive strong year for Entertainment One
Joseph O'Halloran ©RapidTVNews | 29-05-2012
Following an excellent run of results which prompted it to abandon an expected sell off, Entertainment One has continued its good run of financial form totally vindicating its decision, driven by strong online TV sales.
In preliminary results for the year ended 31 March 2012 the TV and film production and distribution firm posted revenues smashing the half billion pound mark, £502.7 million, a 7% year on year increase, which acted as the engine for a 33% increase in profits to £43 million.
The year saw a number of highlights for Entertainment One including the theatrical release of 152 films drawing gross box office receipts of $212 million, up $10 million YOY, including number one hit The Twilight Saga: Breaking Dawn – Part 1. Yet TV proved to be a similar success with digital sales doubling to £66 million, reflecting impact of exclusive five year licensing deal in the UK with LOVEFiLM and strong growth in North America. In all, the firm delivered 237 half hours of television programming including network premieres of Hell on Wheels and The Firm and new seasons of established shows Rookie Blue, Haven and Call Me Fitz.
Investment in film and television content was up almost 50% to £136 million, as part of plans to build on the firm’s content library and to drive improved margins. Going forward the company claims that it has a strong pipeline of new network orders and renewals including international expansion, including US licensing and merchandising, for the Peppa Pig product which remained number one UK pre-school property.
Commented Darren Throop, Chief Executive Officer: “It has been a very positive year for Entertainment One…The growth in our TV business and doubling of digital sales have been particular highlights and demonstrate the success of our multiplatform strategy. I am also pleased to report that Peppa Pig’s international success continues and am excited about the licensing and merchandising roll out in the US later this year. I look forward to the year ahead and we plan to continue to drive further value for our shareholders through both organic growth and acquisition opportunities.”