23rd Jul 2014 07:47
LONDON (Alliance News) - Entertainment One Ltd said Wednesday it will meet its expectations for full-year earnings, as it saw revenues rise 4% on a constant currency basis in its first quarter to end-June.
The media group said it had started the year in line with expectations, and said it plans to release over 275 films and deliver over 300 half hours of television in the year.
During the quarter, film revenues were down 4%, due to the timing of releases and phasing of production deliveries, it said. Box office takings were USD82 million for the period, up from USD69 million in the previous year, driven by 74 releases including 'Divergent', 'Pompeii' and 'Love Punch' amongst others.
There were 128 DVD releases during the quarter, up from 101 in the previous year, including '12 Years a Slave', 'Dallas Buyers Club' and 'I Frankenstein.'
During the year, Entertainment One said it will see the release of titles including 'The Hunger Games: Mokingjay Part 1', 'Paddington' and 'Expendables 3.'
Entertainment One said its acquisition of independent distributor Phase 4 in June has helped to consolidate its presence in North America, and brings with it a strong network of digital partners.
Television revenues were up 67%, driven by higher delivery of content and strong licensing revenues from its Family business.
The company delivered 37 half hours of content during the period, compared to 26 in the previous year. The 'Peppa Pig' franchise continued to build internationally, Entertainment One said, as it signed five new US licensing partners for soft goods and saw better than expected sales of its 'Peppa Pig: My Birthday Party' DVDs.
The company acquired Canadian production business Paperny in July, which it said will help further expand its television division and bolster its unscripted and factual portfolio.
Shares in Entertainment One were trading up 1.7% at 338.60 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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