9th Sep 2015 06:44
LONDON (Alliance News) - Entertainment One Ltd said Wednesday it traded in line with its expectations in its first quarter, seeing revenue rise 1% on a reported basis, driven by a strong performance in its Television segment that offset a weaker performance in Film.
At constant currency and on a pro-forma basis, meaning adjusted to include acquisitions, revenue fell 2% in the quarter to end-June.
The company said its full-year underlying earnings continue to be in line with its expectations, although it cautioned that its reported revenues and earnings remain subject to continued pressure from the appreciation of sterling.
Film revenue fell 9% in the quarter at constant currency and on a pro-forma basis, which the company attributed to the timing of film releases and the phasing of film production deliveries. Total box office takings were down to USD64 million from USD72 million due to a lower number of releases. However, Entertainment One highlighted a strong pipeline of films for the remainder of the year, including the final 'Hunger Games' film, and Quentin Tarantino's 'The Hateful Eight'.
Television revenue was up 32% at constant currency and on a pro-forma basis, boosted by strong international sales and strong licensing revenue in its Family segment. Entertainment One highlighted the continued success of its 'Peppa Pig' brand, and said that licensing data for its US rollout of the brand is positive, signalling strong sales for the third and fourth quarters of its current financial year. The launch of 'Peppa Pig' in China is progressing well, the company said.
"The group has had a good start to the financial year with Television performing very well and the continued success of Peppa Pig across the globe. With an exciting pipeline of film and television programming and a continued focus on acquisition opportunities, we look forward to updating investors on further progress against our growth strategy during the remainder of the financial year," said Chief Executive Darren Throop in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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