eOne Sees Profits Rise

TORONTO/LONDON: Entertainment One (eOne) reported revenues of $752.9 million for the fiscal year ended March 31, 2011, up 12 percent on the 2010 figures, with adjusted profit before tax rising 39 percent from the year prior.

“We are very pleased to announce these positive results,” said Darren Throop, the president and CEO of Entertainment One. “Our strategic focus on film and television content acquisition and distribution across multiple territories has proven effective in making Entertainment One the prominent choice for independent content producers.”

eOne recorded an adjusted profit before tax of $51.8 million, with underlying EBITDA up 20 percent from last year at $68.1 million. Successes in the company’s film segment included The Twilight Saga: Eclipse, RED and Gnomeo & Juliet, with the company also benefiting from renewing its multi-year agreements with Summit Entertainment for Canada and the U.S. eOne also had strong business within television, given the success of titles such as Call Me Fitz, Haven, Hell on Wheels, Hung, Peppa Pig, Rookie Blue, Skins, The Firm and The Walking Dead.

In July 2010, the group joined the main market of the London Stock Exchange. “This move has helped enhance shareholder value, broaden our profile and position us better in the marketplace,” said Throop. Subsequently, eOne raised $25.6 million through an oversubscribed placing in March 2011 to fund corporate acquisitions.