Hit Entertainment has seen half-year profits jump fourfold following the global roll-out of Bob the Builder and Barney the Dinosaur, writes Simon Ellery.
The indie, which bought Lyrick Group in February 2001, announced a 398 per cent year-on-year increase in profits to #15.2m for the six months to 31 January. Turnover rose 366 per cent during the period to #58.9m and the company expected pre-tax profits to rise to #25m by the end of its financial year. Hit also revealed that executive chairman Peter Orton is to become a non-executive chairman, with chief executive Rob Lawes assuming greater control.Orton said: 'I shall continue to provide strategic direction to the company and remain a very substantial shareholder.' TV revenues fell during the period from #4.1m to #2.9m - the company said the bulk of TV revenues were due in the second half of this year.