Pre-tax profits at media firm up 46%

Pre-tax profits at a Limerick- based TV, video and film right distributor increased last year by 46% to $24.2m (€18.5m).

Accounts filed by Nelvana International Ltd to the Companies Office show the company increased its profits after the firm’s revenues went up 36% from €61.9m to €84.3m in the 12 months to the end of August.

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 directors state: “During the year, turnover increased by 36% with increases in both distribution and merchandising revenues.

The profits take account of an amortisation charge of $10m last year. The figures show the company’s operating profit was $24.4m compared to $16.7m in 2010.

The filings confirm the company’s profits were hit by $188,500 in interest charges last year and this compared to interest charges of $224,736 in 2011.

The accounts show the company had $44.9m in accumulated profits last year and this contributed to the company having shareholder funds of $49.1m. The firm’s cash last year decreased from $5.2m to $4.4m with debtors increasing from $24.8m to $45.7m.

A breakdown of the company’s turnover showed its revenues in Europe increased more from $23.5m to $36.4m with revenues in the US increasing from $25.6m to $36.6m

The figures show the company employed six people last year with aggregate payroll costs of $451,069.

The filings recorded that the company’s intangible assets were valued at $121.7m at the end of the year classified as distribution rights.