First half turnaround for ContentFilm
Article Date: Nov 16 2006Film and TV rights group ContentFilm has turned last year's £1 million interim loss into a £1.4 million pre-tax profit.
AIM-quoted Content ContentFilm, created two years ago through a reverse takeover of bombed-out Winchester Entertainment and steered by chief executive John Schmidt, doubled turnover to £10.7 million in the six months to September, only £17,000 less than for the whole year to March 2006. Chairman, American financier Alton Irby, says strategic acquisitions to grow the company's library, coupled with a 'stellar first half' at its TV library and sales division Fireworks International, helped progress, which also benefited from a two months' contribution from US DVD operation Allumination FilmWorks, acquired in June as part of a £3.5 million deal.
According to Irby, ContentFilm, has recently won record sales in the US film market, boosted by pre-sales of Closing the Ring and action horror film Outpost. He adds 'trading has remained strong since... September' and points out that the company, which has bought the rights to The Flying Scotsman and sold them on to MGM, has cut its debt from £16.5 million in July 2005 to £7 million now.
ContentFilm's shares collapsed from 31p in early 2004 to 1.78p in July last year. They have rallied strongly to 21.756p, up 2.25p this morning, valuing the company at £38.2 million, and could make further progress.
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