Entertainment One (ETO); reports group adjusted PBT up 7% to £42m

Published on 20-11-2018 10:16:36
Author Sparks Team

Entertainment One announced half-year results for the six months ending 30 September 2018. The group’s reported underlying EBITDA grew 10% to £60m, driven by revenue growth in Family & Brands. However, this was partly offset by lower performance in Film & Television. Reported revenue was broadly stable at £405m (2017: £413m).

The group reported loss before tax of £40m. Independent library valuation increased to $2bn as of 31 March 2018.

The company claims the acquisition of an outstanding stake in Sierra/Affinity brings additional creative and talent relationships into the group. During this period, the group also acquired a 70.1% stake in Whizz Kid Entertainment Limited. The integration of the Film and Television Divisions including Sierra/Affinity and The Mark Gordon Company is expected to generate £13m-15m in annualised costs savings by the end of FY20.

Darren Throop, ETO’s CEO, commented: “Looking ahead, we anticipate further progress for the Family & Brands properties in China and around the globe, a number of initiatives for Peppa Pig will consolidate its position as one of the leading pre-school brands in the world, as well as the wider merchandising phase for PJ Masks in China. The Film & Television Division has 74% of the full year’s expected TV programming margin already greenlit or committed. Prospects remain bright and eOne is on track to deliver FY19 financial performance in line with management expectations.”

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