Entertainment One posts 31m loss as costs grow

MEDIA group Entertainment One reported a full year pre-tax loss of &pound;31m yesterday, up from &pound;7.7m last year, but said it was well placed for further growth.<br /><br />Entertainment One, which buys and distributes film, TV and music content in the UK, Canada and the US, said that higher costs and non-cash impairment charges had driven the loss higher.<br /><br />However, revenue rose about 30 per cent to &pound;342.6m and the company said it was planning to invest more than &pound;80m in content and TV production this year.<br /><br />&ldquo;The group is well positioned for further growth following the increased investment in content during the year,&rdquo; chief executive Darren Throop said.<br /><br />Entertainment One&rsquo;s teen vampire movie Twilight was a runaway success at the box office and swept up five awards at the MTV Movie Awards earlier this year.