The group has posted a full year profit rise of nine per cent as growth in its TV arm offsets ‘lower than expected film results.’
Entertainment One is confident that new titles Steven Spielberg’s The BFG and David Brent: Life on the Road will help drive the firm’s revenue for 2016.
The statement arrives as the group posts a full year profit rise of nine per cent as growth in its TV arm offsets ‘lower than expected film results.’
Entertainment One has reported higher full fiscal year earnings thanks to sales of TV series such as Peppa Pig, helping compensate for a decline in film revenue that includes the latest in The Hunger Games franchise, Mockingjay Part 2.
The independent producer and distributor saw pre-tax profits for the year ending March 31 increase to 8.9 per cent to $69.3 million (£47.9 million) from £44.0 million.
According to the Hollywood Reporter, the firm’s full year revenue edged up 2.2 per cent to £802.7 million from £785.8 million with TV revenue increasing 27 per cent.
Meanwhile, film revenue dropped seven per cent.
However, eOne is now confident that its 2016 slate which includes the likes of Steven Spielberg’s The BFG and David Brent: Life on the Road, Ricky Gervais’ feature film sequel to The Office, will help turn the company’s film arm around.
“As the independent film market continues to recover in 2016, the group’s exciting film slate is expected to deliver a significant pick-up in the group’s box office performance, which will drive revenues in ancillary content release windows in future years,” said the company.
CEO Darren Throop, added: “eOne has delivered solid financial results at the Group level, driven by strong organic growth in television and family, and the impace of acquisitions completed during the year, despite weakness in the film division continuing into the second half.”