U.K.'s Metrodome Posts Red Ink for First Half of 2011
But revenues rise For British distributor of Nicole Kidman starrer "Rabbit Hole."
LONDON -- U.K. independent distribution, sales and production banner Metrodome Group, listed here on the stock exchange, posted a drop into the red for the first six months of 2011.
The company showed a loss before tax of £869,000 ($1.3 million) across the first six months of this year, higher than the £248,000 ($386,000) posted during the same period last year.
But the company noted that the first half of 2011 recorded a 52 percent jump in revenues posting £6.8 million ($10.6 million) across the company, up from 2010’s tally of £4.5 million ($7 million).
Metrodome CEO Mark Webster told the stock market the results were “in line” with his board’s expectations.
“We have invested in new product across both of our existing film and TV businesses and also expanded the Group, post the year end, with the acquisition of Hollywood Classics,” Webster noted.
He said he thinks the second half of 2011 “is likely to have even tougher economic conditions in both the U.K. and worldwide” than in the first half.
“We believe that we are well positioned in the market with a strong management team. Moreover we have invested wisely in our business to expand our product offering so that we are well placed to succeed in what will be difficult markets," Webster said.
Breaking out the headline figures, Metrodome’s film distribution revenues fell by 7 percent compared to the same period last year.
The distribution arm posted a headline operating profit of £184,000 ($286,600) down from £198,000 ($308,400) in 2010.
The company said the drop was down “to both the competitive climate in the DVD market along with the weakness in the DVD market itself.”
But the company’s strategy of one print theatrical releases for select titles aimed at bolstering DVD performance is one to continue to pursue.
Titles receiving that treatment here in the U.K. included Rabbit Hole, starring Nicole Kidman and Stakeland billed as a gritty vampire thriller scheduled for release on DVD in October 2011.