Revenue decline for Jetix Europe

Full-year results show E29.5 million drop, in line with management's expectations.
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Jetix Europe has revealed its full-year results, ending September 30th 2008, with revenue decreasing by E29.5 million to E136.9 million, compared with 2007. This was in line with management's expectations and the guidance given at the interim results.

The decline in revenue was primarily due to the effects of a limited number of previously announced deals, combined with an adverse movement in exchange rates.

At exchange rates consistent with the prior year, revenue would have been E144.9 million.

Operating profit was down E11.7 million, at E12.7 million. The decline in revenue was partly offset by a reduction in marketing, selling and distribution costs, as well as a decrease in amortisation costs.

Dene Stratton, chief financial officer at the firm, commented: "As expected, the results we are announcing today have been adversely affected by the impact of a limited number of specific deals, as well as exchange rate movements. However, I am pleased that the results are in line with our guidance and that our strong focus on cost control is evident in reduced operating costs.

"We have achieved strong growth in operating cash flow and this year we generated E37.5 million of operating cash flow."

Paul Taylor, CEO, added: "Throughout this year we have continued to pursue our core strategy - creating the best kids entertainment content and delivering it whenever and wherever our audience wants to engage with it.

"Our new programming team has made a strong start, commissioning two outstanding new co-productions [Jimmy Two Shoes and Kids vs Kat].

"As a full service kids entertainment company, creating content and then delivering it through a broad range of different media, from television and online to consumer products, Jetix Europe is well positioned for the future. We will continue to pursue our core strategy, to leverage our relationship with Disney and to deliver the very best kids entertainment possible."

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