Entertainment One posts 31m loss as costs grow
MEDIA group Entertainment One reported a full year pre-tax loss of £31m yesterday, up from £7.7m last year, but said it was well placed for further growth.
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.
However, revenue rose about 30 per cent to £342.6m and the company said it was planning to invest more than £80m in content and TV production this year.
“The group is well positioned for further growth following the increased investment in content during the year,” chief executive Darren Throop said.
Entertainment One’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.