U.K. film and TV co. revenue up $48 million
LONDON — U.K. film and TV sales outfit ContentFilm plans to expand its North American film and TV activities, after reporting full-year results in line with market expectations.
London-based Content reported a hike in revenues to £24.1 million ($48 million) for the year ended March 31, compared with $41.8 million a year ago.
However, pre-tax profit was down, from $5.2 million to $773,350 after a disappointing year for its U.S. home entertainment business, Allumination FilmWorks.
According to chairman Alton Irby, last year’s proposed sale of ContentFilm had delayed the restructuring of Allumination, which last month was merged with Peace Arch Entertainment’s U.S. home entertainment unit.
Merger comes four months after Toronto-based Peace Arch dropped its $35 million bid for ContentFilm.
“This remains a fine result by our management team and is a testament to the resilience of our film and television operations and the quality of our film and television library,” Irby said.
TV division Fireworks Intl. had a particularly strong year, with revenues up from $16.5 million to $27.5 million, which was largely driven by new acquisitions.
During the year, the company signed a five-year worldwide deal to distribute 300 hours of TV programs from U.S. distrib Harmony Gold and acquired the international rights to more than 1,000 hours of content from Canada’s CBC.
Film division ContentFilm Intl., meanwhile, aims to acquire higher-budgeted North American pics.
Recent pickups include Mike Judge comedy “Extract,” starring Jason Bateman; “Kid Cannabis,” a comedy thriller directed by Mike Stockwell; and “The Messenger,” starring Woody Harrelson, Ben Foster and Samantha Morton.