ER Posts Loss

LONDON, September 26: Entertainment Rights has posted a
half-year after-tax loss of £2.2 million, versus its £500,000 profit at the
same time last year, on revenues of £5.9 million, less than half of the £12.4
million recorded last year.

Announcing the results, the company’s chairman, Rod
Bransgrove, noted, “As anticipated, these results are below the comparable
results for the same period for 2005 reflecting the Company’s policy of
recognizing revenue at the point of delivery of new programming. ER is on
schedule to deliver a record volume of new owned programming across four new
series in autumn 2006, at which point contracted revenue will be recognized.
Whilst ER’s financial performance has historically been weighted to the second
half, this will be more evident in 2006. The Board remains confident that ER is
on course to meet market expectations for the full year.”