HIT ENTERTAINMENT PLC: Highlights
London (ots)
HIT ENTERTAINMENT PLC PRELIMINARY ANNOUNCEMENT
Year ended 31 July 2003
2003 2002
Turnover £168.9m £121.0m
Business Performance
Operating profit * £44.4m £28.5m
Profit before tax* £39.7m £27.3m
Underlying basic earnings per ordinary share 16.7p 13.2p
EBITDA* £59.0m £45.2m
Operating cash flow £53.2m £43.1m
Statutory Results
Operating profit £20.4m £19.5m
Profit before tax £25.4m £18.3m
Basic earnings per share 10.0p 8.0p
Dividend per share 0.64p 0.32p
Net (debt)/ funds (£133.6m) £5.9m
*pre exceptionals and goodwill amortisation.
The operating profit amount is calculated as statutory operating profit of £20.4 million (2002: £19.5 million) plus exceptional expenses of £5.9 million (2002: £0.9 million) and goodwill amortisation of £18.1 million (2002: £8.1 million). Throughout this announcement (unless otherwise stated) adjusted performance measures are presented to provide a better indicator of business performance. Reconciliations of these measures to the statutory amounts have been provided in this announcement.
Business Highlights
- Consolidated revenues up 40% to £168.9 million
- Profit before tax (excluding exceptionals and goodwill amortisation) rose 45% to £39.7 million
- Successful integration of Gullane, enhancing brand portfolio and bringing efficiencies and operational benefits that are already exceeding expectations
- Strong operating cash flow, up 23% to £53.2 million
- Net debt at year end of £133.6 million, down from a high of £167.3 million (September 2002)
- Dividend increased by 100%, demonstrating strong cash generation and confidence in the future, to 0.64p per share (2002: 0.32p)
- Underlying basic earnings per ordinary share (pre exceptionals and goodwill amortisation) up 27% to 16.7p
- HIT now owns one of the strongest portfolios of internationally popular children's properties, with no brand generating more than 30% of turnover
- Successful introduction of brand-focused business structure, ensuring integrated approach to brand management across all activities
- New Bob the BuilderTM toy partners, committed to new product and extensive marketing support
Chief Executive, Rob Lawes commented:
"I believe we can look forward to the future with confidence: in the US and UK the home entertainment market is growing; similarly the consumer products' market in those territories sees continuing year-on-year growth; and the demand for quality content from broadcasters worldwide is increasing alongside the launch of new children's channels. Against that background HIT is now positioned as a global market leader, possessing one of the strongest portfolios of young children's content. Such strong positioning we believe is the key to the Company's continuing success."
There will be an analysts briefing at 9.30am today (3rd October, 2003) at the offices of UBS, 1 Finsbury Avenue, London EC2.
This information is provided by RNS
The company news service from the London Stock ExchangeContact:
Rob Lawes, Chief Executive
Phone: +44/20/7554'2500
Steve Ruffini, Chief Financial Officer
Phone: +1972/390'6397
Nigel Birrell, Director of Corporate Development & Acquisition
Phone: +44/20'7554'2500
Simon Forrest, Director of Corporate Communications
Phone: +44/20'7554'2500
Mobile: +44/7885'317746