Film right firm posts huge rise in profits

PRETAX PROFITS at a Limerick-based television, video and film rights distributor increased 15-fold last year to $16.5 million (€12.7 million).

According to accounts just filed by Nelvana International Ltd, the company’s pretax profits increased 1,400 per cent from $1.1 million to $16.5 million in the 12 months to the end of August last. This follows the firm’s revenues increasing by 88 per cent from $32.9 million to $61.9 million.

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

It states that turnover increase arose from both distribution and merchandising revenue streams.

The directors say that “during the year, the company purchased a number of new properties which will contribute to revenue into the future.”

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

The figures show that the company’s operating profit was $16.7 million compared to $1.3 million in 2010.

The company employed six people last year with aggregate payroll costs of $450,154.