Content Media Reports Higher Full-Year Financials
LONDON – U.K. and U.S. sales, finance and production banner Content Media on Friday reported higher financials for its fiscal year ended March 31 amid a solid performance of its core business and several deals.
Revenue of $71.1 million (£46.9 million) was up 54 percent. Profit before taxes rose 19 percent to $4.9 million (£3.2 million). And reported profit after tax came in at $13.3 million (£8.8 million), up 420 percent after a large one-time gain.
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"The large growth in the company’s revenues reflects the development of the group’s television and film production businesses, including Collins Avenue, Jigsaw Productions and Preferred Film and television," the company said. It added that its TV and film distribution business also continued to "perform well."
Said Content CEO John Schmidt: "We saw significant revenue growth in our operating businesses and strong profitability. We also executed several deals that are important to our future and position us well for growth."
For example, the firm acquired a 50.1 percent stake in Alex Gibney’s Jigsaw, which contributed to revenue growth
Content also acquired a 50.1 percent stake in Preferred Film and Television with partners Ross Dinerstein and Kevin Iwashina.
Among other deals, Content also sold its 25 percent stake in Phase Four Films.
"We took Content Media private this year after several aimless years with a public listing," said Schmidt. "This allowed us to reduce expenses, consolidate our shareholding and reorganize our board."
He also lauded the performance of Collins Avenue, saying it "experienced significant growth with the Lifetime franchise Dance Moms anchoring the slate." and Content Television saw success with The Fall, starring Gillian Anderson, as well as U.K. dramas Line of Duty and The Bletchley Circle.
Looking ahead, Schmidt said: Our current year, fiscal 2014, should bring more of the same: increased revenue growth and profitability, more deals with great partners and strong execution on our core businesses."