2nd Mar 2016 08:07
LONDON (Alliance News) - Entertainment One Ltd on Wednesday said trading was in line with expectations in the first nine months of its financial year.
The entertainment company, which produces television and film content, said underlying earnings before interest, tax, depreciation and amortisation was 15% higher in the nine months to December 31, year-on-year, reflecting a strong performance in Television and from acquisitions, partly offset by weaker trading in Film.
Group revenue, however, was down 3% in the period, as 39% growth in Television was offset by a 14% decline in Film.
It said Television was boosted by significantly increased production supported by strong third-party content sales, but that the Film business suffered a difficult trading environment with a lower number of releases and some recent title underperformance. Box office takings in the period fell to USD174 million from USD228 million.
Entertainment One said its outlook for full-year underlying earnings continues to be in line with expectations, and it is confident it can double the size of the business by 2020 with strong organic growth and acquisitions.
"The group continues to deliver very strong growth across its Television Division - with both eOne Television Studios and the Family businesses performing well in the period. Whilst the Film Division continues to experience trading challenges, its restructuring and the exciting committed film release slate for the next financial year provide a positive outlook for Film," Chief Executive Darren Throop said in a statement.
Entertainment One shares were down 5.2% early Wednesday to 163.9 pence, the worst performer in the FTSE 250.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Entertainment One