Vertice posts $50 million profit
Company listed in December
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Vertice’s full-year results are crucial for Spain’s film industry given that the film and TV holding houses three of Spain’s most important indie distribution companies — Manga Films, Notro Films and Versus Ent., as well as pic producer Telespan 2000. If Vertice suffers, so will a significant part of the Spanish film and TV biz.
On Dec. 19, Vertice became the first Spanish film and TV holding to list on Madrid’s stock market, underscoring its desire for growth.
Operating profits dipped 1.7% from 2006, but comparables are near impossible due to Vertice’s litany of acquisitions and one-off expenses over last year.
Vertice’s film arm notched up sales of $80.5 million, its services division $62.6 million in revenue.
Returns at Vertice’s TV arm stood at a promising $25.3 million, powered by the production of primetime dramas “La Familia Mata,” broadcast by Antena 3 TV, and Cuatro’s “Cuestion de sexo.”
TV revenues could well grow as Verice seeks the security of commissioned TV production to counterbalance exposure in a more volatile and piracy-whammied theatrical film market.
“Vertice was created only recently. That’s the key to these results. It had many extraordinary expenses last year and hasn’t to date been able to exploit synergies,” analyst Glen Spencer Chapman at Ibersecurites said. “Its TV initiatives are going very well, but are still in a startup phase,” he added.
