Losses widen at Entertainment One ahead of Hasbro deal
By Frank Prenesti
Date: Friday 11 Oct 2019
(Sharecast News) - First quarter pre-tax losses widened at Peppa Pig owner Entertainment One, driven by higher debts and lower revenues from film and television.
The company, which is about to put a £3.3bn takeover offer from Hasbro to shareholders, reported a £43.9m loss from £6.8m a year earlier.
Earnings before interest, tax, depreciation and amortisation fell to £13.4m from £17.3m, Entertainment One said on Friday.
Group reported revenue fell 7% to £173.1m impacted by lower broadcast and licensing revenues due to fewer scripted deliveries in the period, partly offset by higher music revenue through the acquisition of Audio Network and continuing organic growth.
Despite this, the company said the scripted television market remained "vibrant", adding that several new series had been commissioned.
Revenue across the family and brands division was "broadly stable compared to the prior period", despite a competitive preschool merchandise market.
Overall net debt of £510m was £168.5m higher year on year due to operating cash outflow, the acquisition of Audio Network and bond interest payments.
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