Entertainment One (ETO); reports group underlying EBITDA of £13.4m

Published on 11-10-2019 07:25:32
Author Sparks Team

Entertainment One announced its first quarter results (unaudited) for the three months ended 30 June 2019. The value of the group’s library assets increased to $2.1bn as at 31 March 2019. The quarterly results were prepared in relation to the proposed acquisition of the group by Hasbro (previously reported on 22 August 2019).

Group reported revenue was 7% lower than the prior period at £173.1m, impacted by lower Film, Television & Music, while Family & Brands revenue was broadly stable compared to the prior period. The group’s underlying EBITDA was £13.4m, driven by an increase in-group costs of £3.0m.

Net cash used in operating activities was £18.6m vs. £13.3m in the prior period, reflecting the planned increase in investment in productions and increase in investment in acquired content due to timing. This was partially offset by working capital inflows in the current period compared to outflows in the prior period.

At 30 June 2019, overall net debt was £510.0m. Adjusted loss before tax was £0.1m (2018: profit of £8.3m). Reported loss before tax was £43.9m (2018: £6.8m). On a reported basis, diluted losses per share were 8.3p (2018: 1.9p), reflecting the higher one-off charges.

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