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Entertainment One reports 25% jump in profit growth Entertainment One reports 25% jump in profit growth
(4 months later)
Peppa Pig co-owner Entertainment One enjoyed a 25% surge in underlying profit growth in 2012 to £53.8m, thanks in part to the success of the Twilight vampire franchise it distributes – but suffered almost £27m in charges relating to factors including potential payouts for top executives, and HMV and Blockbuster going into administration.Peppa Pig co-owner Entertainment One enjoyed a 25% surge in underlying profit growth in 2012 to £53.8m, thanks in part to the success of the Twilight vampire franchise it distributes – but suffered almost £27m in charges relating to factors including potential payouts for top executives, and HMV and Blockbuster going into administration.
Entertainment One results for the year to 31 March were buoyed by the acquisition of Alliance Films last September, which has rights to films including The King's Speech, The Girl with the Dragon Tattoo and the Lord of the Rings trilogy.Entertainment One results for the year to 31 March were buoyed by the acquisition of Alliance Films last September, which has rights to films including The King's Speech, The Girl with the Dragon Tattoo and the Lord of the Rings trilogy.
Entertainment One, which said it increased its profits by about 6%, said revenues soared by 25% year on year to £629.1m.Entertainment One, which said it increased its profits by about 6%, said revenues soared by 25% year on year to £629.1m.
Unadjusted pre-tax profits slumped by 76% from £23.1m to £5.5m year on year.Unadjusted pre-tax profits slumped by 76% from £23.1m to £5.5m year on year.
The company, which said on Tuesday that it is to seek a premium listing that will admit it to the FTSE 250 market, said the slump is due to a previously announced one-off charge of £26.8m.The company, which said on Tuesday that it is to seek a premium listing that will admit it to the FTSE 250 market, said the slump is due to a previously announced one-off charge of £26.8m.
The bulk of the charge, £19.7m, relates to acquisition and restructuring costs of Alliance Films. These include £5.5m in staff redundancies.The bulk of the charge, £19.7m, relates to acquisition and restructuring costs of Alliance Films. These include £5.5m in staff redundancies.
The remainder of the charge includes £5.2m set aside for the potential payment to top executives for the "outperformance of the incentive plan".The remainder of the charge includes £5.2m set aside for the potential payment to top executives for the "outperformance of the incentive plan".
The company said the Alliance acquisition and expected share price boost from moving to the FTSE 250 would "more likely than not" lead to a performance-based payout of £5m to executive directors.The company said the Alliance acquisition and expected share price boost from moving to the FTSE 250 would "more likely than not" lead to a performance-based payout of £5m to executive directors.
Entertainment One also took a £1.7m charge relating to the business woes of HMV and Blockbuster.Entertainment One also took a £1.7m charge relating to the business woes of HMV and Blockbuster.
"The businesses have been restructured with a significant number of store closures," the company said. "Due to this reduction in shelf-space, the group has reduced its projected ultimate DVD and Blu-ray revenue across a number of titles.""The businesses have been restructured with a significant number of store closures," the company said. "Due to this reduction in shelf-space, the group has reduced its projected ultimate DVD and Blu-ray revenue across a number of titles."
Revenues at the film division surged 25% to £518m, with the biggest release of the year the fifth Twilight Saga film, as underlying profits rose by the same factor to £49.3m.Revenues at the film division surged 25% to £518m, with the biggest release of the year the fifth Twilight Saga film, as underlying profits rose by the same factor to £49.3m.
Entertainment One's TV division grew revenues by 15% to £133.4m, and underlying profits rose 3% to £18m.Entertainment One's TV division grew revenues by 15% to £133.4m, and underlying profits rose 3% to £18m.
The family operation, which includes Peppa Pig's rapid international expansion, did not split out figures but saw revenue rise 7% year on year.The family operation, which includes Peppa Pig's rapid international expansion, did not split out figures but saw revenue rise 7% year on year.
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