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Abonner Hit Entertainment plc.

Hit Entertainment plc.

HIT ENTERTAINMENT PLC: Highlights

London (ots)

HIT ENTERTAINMENT PLC PRELIMINARY ANNOUNCEMENT
Year ended 31 July 2003
2003                         2002
Turnover                   £168.9m                     £121.0m
Business Performance
Operating profit *         £44.4m                       £28.5m
Profit before tax*         £39.7m                       £27.3m
Underlying basic earnings 
   per ordinary share          16.7p                        13.2p
EBITDA*                    £59.0m                       £45.2m
Operating cash flow        £53.2m                       £43.1m
Statutory Results
Operating profit           £20.4m                       £19.5m
Profit before tax          £25.4m                       £18.3m
Basic earnings per share    10.0p                         8.0p
Dividend per share          0.64p                        0.32p
Net (debt)/ funds       (£133.6m)                        £5.9m
*pre exceptionals and goodwill amortisation.
The operating profit amount is calculated as statutory operating
profit of £20.4 million (2002: £19.5 million) plus exceptional
expenses of £5.9 million (2002: £0.9 million) and goodwill
amortisation of £18.1 million (2002: £8.1 million). Throughout this
announcement (unless otherwise stated) adjusted performance
measures are presented to provide a better indicator of business
performance. Reconciliations of these measures to the statutory
amounts have been provided in this announcement.
Business Highlights
  • Consolidated revenues up 40% to £168.9 million
  • Profit before tax (excluding exceptionals and goodwill amortisation) rose 45% to £39.7 million
  • Successful integration of Gullane, enhancing brand portfolio and bringing efficiencies and operational benefits that are already exceeding expectations
  • Strong operating cash flow, up 23% to £53.2 million
  • Net debt at year end of £133.6 million, down from a high of £167.3 million (September 2002)
  • Dividend increased by 100%, demonstrating strong cash generation and confidence in the future, to 0.64p per share (2002: 0.32p)
  • Underlying basic earnings per ordinary share (pre exceptionals and goodwill amortisation) up 27% to 16.7p
  • HIT now owns one of the strongest portfolios of internationally popular children's properties, with no brand generating more than 30% of turnover
  • Successful introduction of brand-focused business structure, ensuring integrated approach to brand management across all activities
  • New Bob the BuilderTM toy partners, committed to new product and extensive marketing support
Chief Executive, Rob Lawes commented:
"I believe we can look forward to the future with confidence: in
the US and UK the home entertainment market is growing; similarly the
consumer products' market in those territories sees continuing
year-on-year growth; and the demand for quality content from
broadcasters worldwide is increasing alongside the launch of new
children's channels. Against that background HIT is now positioned as
a global market leader, possessing one of the strongest portfolios of
young children's content. Such strong positioning we believe is the
key to the Company's continuing success."
There will be an analysts briefing at 9.30am today (3rd October,
2003) at the offices of UBS, 1 Finsbury Avenue, London EC2.
This information is provided by RNS
       The company news service from the London Stock Exchange

Contact:

Rob Lawes, Chief Executive
Phone: +44/20/7554'2500

Steve Ruffini, Chief Financial Officer
Phone: +1972/390'6397

Nigel Birrell, Director of Corporate Development & Acquisition
Phone: +44/20'7554'2500

Simon Forrest, Director of Corporate Communications
Phone: +44/20'7554'2500
Mobile: +44/7885'317746