Rights firm increases profits 1,400%

Pre-tax profits at a Limerick-based television, video, and film rights distributor increased 15-fold last year to $16.5m (€12.7m).

According to accounts filed by Nelvana International Ltd, pre-tax profits increased 1,400%, from $1.1m to $16.5m in the 12 months to the end of August last.

This follows the firm’s revenues increasing from $32.9m to $61.9m.

According to the directors’ report, the Canadian-owned company — located in Limerick’s National Technology Park — expects the general level of activity to continue for the foreseeable future.

“The company continues to broaden the range of TV, video, and film rights available in line with customer requirements,” the report states.

“During the year turnover increased by 88%, with increases in both distribution and merchandising revenue streams.

“Merchandising revenue increased due to the relaunch of the Beyblade brand. Beyblade yielded a significant increase in the merchandising revenue stream, which management had anticipated. Merchandising properties are normally cyclical in nature and dependent on the latest trends.”

The profits take account of an amortisation charge of $6m last year.

Nelvana had $23.9m in accumulated profits last year and this contributed to the company having shareholder funds of $28.2m.