Entertainment One boosted by TV business

'Peppa Pig' maker Entertainment One saw a sharp rise in its top line in the first quarter of its new financial year, with the television business tripling its revenue year-on-year.

The Television division delivered 67 half-hours of programming in the April to June quarter, significantly ahead of the prior year, driving an increase of more than 200% in revenue, with the promise of more to come, as the pipeline continues to be strong, the firm said. Within the business, international sales continue to grow and the business expects to deliver around 250 half-hour packages of programming this year with deliveries weighted to the second half.

Revenues from the Film division were slightly ahead of the same period the previous year, with the company having released 49 movies compared to 36 in the first quarter last year, with a particularly active schedule in the UK, which released seven movies.

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The Distribution division experienced a "robust" quarter with "robust" in this case meaning sales still declined, only not as fast as over the previous 12 months. Revenues were in line with expectations, 5.0% down on the prior year.

Net debt at period end was higher than the corresponding point in the prior year due to the planned increased activity in the Television business. Adjusted net debt, which excludes interim television production financing, was lower than the prior year, although was higher than at March 31st 2012 due to usual seasonal factors and timing of the investment profile of the Film business. Net assets were in line with the previous year end.

The company currently expects full year results to be in line with its expectations.

The share price rose 3.97% to 157p by 13:45.

NR