Irish-based subsidiary of Canadian TV company Cineflix doubles profit to €7.85m

The Irish-registered subsidiary of Canadian television company Cineflix recorded a turnover of €91.5 million in the year to the end of September 2022, up 41 per cent on the previous 12 months, accounts newly filed at the Companies Office show.

Accounts for Cineflix International Media Limited and Subsidiaries show that the group, owned by Cineflix Media, more than doubled its net profit to about €7.85 million in the period, having made a profit of €3.6 million in the year to the end of September 2021.

The Irish-based company distributes television programmes that are produced by or for its Canadian parent, with its subsidiaries including businesses in the US and the UK.

Its turnover represents income from the licensing of rights to these programmes around the world.

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Cineflix, cofounded 25 years ago by its Canada-based chief executive Glen Salzman, has offices in both Toronto and Montreal, as well as New York, London and Dublin. It is controlled by Mr Salzman and co-founder Katherine Buck.

The company is best known for long-running North American factual series such as Canada’s Property Brothers, American Pickers and Mayday: Air Disaster, also known as Air Crash Investigation.

In recent years, it has expanded into the scripted programming business, distributing dramas including Marcella, Wynonna Earp, Coroner and espionage thriller Tehran worldwide.

The directors of the Irish-based company are Mr Salzman, the parent group’s Dublin-based chief operating officer, Adrienne Curran, Carl Reynolds and chief financial officer Andrew Porporino.

In a note accompanying the accounts, the directors said they expected turnover would “remain at this level for the foreseeable future”.

The company employed 43 people during the year, including directors, with its wage bill, excluding social security and pension costs, arriving at €5.15 million, pointing to an average salary at the company of about €120,000. No dividend was paid.