eOne has reported strong growth despite reduced EBITDA.
Entertainment One has reported a robust first half of 2012 with group revenue growth in the period up by 8% to £220.5 million and theatrical box office up 46% year on year. However, EBITDA is down £10.2m.
The company released 89 films theatrically in the six month period ending 30 September 2012, up from 74 last year.
eOne’s bullish interim results also report 138 half hours of television programming, up 89% from the comparative period, with new seasons ordered of Hell on Wheels, Haven and Saving Hope.
The outfit’s independent annual library valuation is up 10% to $385 million and its operating cash flow of £60.8 million is up 59%.
However, the underlying EBITDA of £13.4 million was behind the £23.6m same period last year, which eOne put down to “the timing of increased investment, which has driven printing and advertising (‘P&A’) costs up 30% in the first half, and the phasing of revenue from LoveFilm in the UK which was weighted more heavily to the first half in the prior year”.
Among the highlight’s for eOne in the last year are the pending acquisition of Alliance Films, the output deal with DreamWorks covering UK and Benelux and the continuing strength of its Peppa Pig brand.
Looper, The Sweeney and The Sapphires have been among the company’s hits so far this year with close to 100 film releases planned in the second half of 2012, including The Twilight Saga: Breaking Dawn - Part 2.
Darren Throop, eOne CEO, said: “It has been a milestone period with the planned acquisition of Alliance Films.
“The business is continuing to grow with Peppa Pig thriving in the US and internationally, the film division performing well in the first half and securing a strong release slate across our territories and the Television team seeing success with a number of series renewals.
“We are looking forward to a positive second half of the year in line with management’s expectations.”
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