Entertainment One posts rise in annual profit

Entertainment One, which hosts of the UK's popular children show Peppa Pig, achieved higher annual profit following the acquisition of Alliance Films.

The group acquired Alliance in January, to boost the company's film offering.

A new five-year $425m syndicated debt facility was completed for the acquisition.

The integration of the Canadian film business has since been finalised and $20m of targeted synergy savings was achieved on an annualised basis after just four months.

The film division released more than 200 titles with gross box office up 79% to $376m in the year to March 31st.

The television business delivered 295 hours of programming with a strong pipeline of new network orders and renewals commissioned.

Peppa Pig enjoyed successful nationwide licensing and a merchandising launch in the US as it continued to expands it reach abroad.

Underlying revenue and pre-tax profit for the year rose 25% to £629.1m and £53.8m respectively.

"It has been a very positive year for Entertainment One and I am delighted to report another strong set of results," said Chief Executive Officer, Darren Throop.

"This clearly demonstrates the strength of our strategy of investing in world-class content and exploiting our distribution rights on a multi-territory, multi-platform basis.

"The successful acquisition and integration of Alliance has been a particular highlight of the year."

The company has made an application to the UK Listing Authority to transfer its shares from the standard listing segment to the premium listing segment of the Official List of the Financial Conduct Authority.

Entertainment One said it intends to adopt a progressive dividend policy, with an inaugural payment expected to be made following the 2014 full-year financial results.

Shares fell 0.51% to 196.50p at 09:58 Tuesday.

RD