Expansion costs hit profits at three time Oscar-nominated Cartoon Saloon animation studios
Expansion costs at the three time Oscar-nominated Cartoon Saloon animation studios last year contributed to profits declining by 39% to €326,442.
According to new accounts filed by the Kilkenny-based firm, the business recorded the drop in profits as revenues increased by 11% from €5.49m to €6m last year.
The company’s profits of €326,442 follow profits of €537,804 in 2017.
Numbers employed at the company increased by 50% from 75 to 113 as the business rode the crest of a wave last year after sealing deals with giants, Netflix and Apple for new work.
Last year, Netflix commissioned the animation studios to produce a new feature entitled 'My Father’s Dragon'.
The director of My Father’s Dragon is Nora Twomey who last year received an Oscar nomination for 'The Breadwinner', which was made in partnership with Angelina Jolie.
The Netflix deal followed Cartoon Saloon announcing that Apple purchased a new animated film it was making called Wolfwalkers.
Cartoon Saloon Ltd has also produced 'Pete the Cat' series for Amazon.
Also, the company’s Emmy nominated preschool series, Puffin Rock, is currently being broadcast worldwide on Netflix in over 25 languages and on Tencent streaming service where it is close to 100 million views in China alone.
Accumulated profits last year increased from €1.464m to €1.79m. The company’s cash pile reduced from €782,512 to €153,652.
The company’s profits last year take account of non-cash depreciation costs of €87,828 and a loss of €182,824 on the disposal of fixed assets.
