London based sales and financing company Intandem has announced its preliminary results for the year ending 30 June 2010.
The company’s net profit after tax was £3.31m, compared with a £1.9million loss in 2009. Earnings per share were 3.72p, compared with a 2.29p loss per share the previous year.
The company also revealed that it had eliminated a £5.7m loan from the balance sheet at a net profit of £3.92m.
The number of films handled by Intandem more than doubled, with 30 in 2010 as opposed to 14 in 2009.
Amongst Intandem’s current slate of 20 new films is The Veteran, which will be screened in Berlin and released in the UK in April 2011. It has done almost $1m pre sales to date.
Gary Smith, Chief Executive Officer of Intandem, said: “The year to 30 June 2010 represents a significant turning point for Intandem. During the year, overheads were reduced significantly, the bank overdraft was eliminated and a loan of £5.7million was also eliminated from the balance sheet at a net profit of £3.92million. Additionally, the number of films represented by the Company has more than doubled from 14 to 30.”