Preliminary announcement for the year ended 31 March 2010 - Regulatory Announcement
Revenue growth of 30% drives 36% increase in underlying EBITDA¹
Entertainment One Ltd. ('Entertainment One' or 'the Group'), a leading international entertainment content owner and distributor, announces its preliminary results for the year ended 31 March 2010.
Financial Highlights
- Revenue of £444.2 million up 30% (2009: £342.6 million)
- Underlying EBITDA¹ up 36% at £34.3 million (2009: £25.3 million)
- Reported profit before tax of £6.9 million (2009: loss of £31.0 million)
- Diluted earnings per share of 4.3 pence (2009: loss of 23.2 pence)
- Adjusted diluted earnings per share² of 11.5 pence (2009: 8.6 pence), up 34%
- Operating cash flow of £85.2 million (2009: £35.9 million) up 137%
- Adjusted net debt³ down £17.1 million to £63.2 million (2009: £80.3 million)
Operational Highlights
- 123 films released theatrically in the year including the record breaking box office performance of The Twilight Saga: New Moon
- Established as the number one or number two independent film distributor in all core markets
- 213 half hours of original television programming delivered in the year including the new network shows Rookie Blue and The Bridge
- Expansion of international reach with Australia, New Zealand and France added to global network
- Move to the Main Market of the London Stock Exchange expected to complete in July 2010
Darren Throop, Chief Executive Officer, commented:
"We are extremely pleased with the strong performance of the Group this year and the progress being made positioning the business as one of the world's leading independent entertainment companies. Growth is anticipated to continue in the current financial year underpinned by a strong slate of film releases and television productions. We are optimistic that the move to the Main Market of the London Stock Exchange will enable the Group to further enhance shareholder value."
1
Underlying EBITDA is earnings before operating one-off items, share-based payment charges, interest, tax, depreciation and amortisation of intangible assets. Underlying EBITDA is reconciled to Operating Profit in the 'Other Financial Information' section of this preliminary announcement.
2
Adjusted diluted earnings per share are adjusted for operating one-off items, share-based payments, amortisation of acquired intangible assets and one-off items within net finance costs.
3
Adjusted net debt includes net borrowings under the Group's senior debt facility and exchangeable notes.
For further information, please contact:
Redleaf Communications
Emma Kane / Rebecca Sanders-Hewitt
Tel: +44 (0)20 7566 6700
Email: eone@redleafpr.com
Entertainment One
Darren Throop (CEO)
Tel: +1 (416) 979 0912
Email: dthroop@e1ent.com
Giles Willits (CFO)
Tel: +44 (0)20 7907 3783
Email: gwillits@e1ent.com
Singer Capital Markets Limited
(Nomad and Joint Broker)
James Maxwell / Richard Savage
Tel: +44 (0)20 3205 7500
Cenkos Securities PLC
(Joint Broker)
Stephen Keys / Alex Aylen
Tel: +44 (0)20 7397 8926
To read the full release please visit The London Stock Exchange
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