LONDON -- Despite a challenging economic environment, U.K. children's distribber Entertainment Rights announced Tuesday an 85% hike in revenue to £25.6 million ($40 million) for 2002, but reported a net loss of $1.4 million.
Entertainment Rights, which invested $7.8 million in new programming, will continue to focus on key brands such as "Basil Brush," "Postman Pat" and "The Little Red Tractor," all three of which have been recommissioned by the BBC. It has also secured rights to a third Barbie movie, "Barbie of Swan Lake," from U.S. toy manufacturer Mattel.
Company said it had managed to increase TV sales 5% year-on-year, including a broadcast deal for "Hamilton Mattress" with HBO. Company owns international TV rights, excluding North America, to the global boys' brand "Transformers-Armada" and has already licensed series to Sky One and GMTV in the U.K. Licensing and merchandising sales rose 61%.
Entertainment Rights' chairman Rod Bransgrove said: "With our well balanced portfolio of fully owned and third-party rights, a strong release schedule, good cash flow and an experienced management team, we envisage growth for all our operations in 2003. We will continue to invest in new opportunities as and when they emerge."
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