Wednesday 18 September 2019

Irish firm behind Doc McStuffins achieves 24pc leap in revenues

Hit-maker: Cathal Gaffney, managing director of Brown Bag. Photo: Kyran O'Brien
Hit-maker: Cathal Gaffney, managing director of Brown Bag. Photo: Kyran O'Brien
In good health: ‘Doc McStuffins’ is among the programmes made by Brown Bag. Photo: AP

Gordon Deegan

Pre-tax profits at the business that operates multi-award-winning animation studio Brown Bag Films last year increased by 8pc to €6.86m.

This follows revenues at Niagara Films Ireland Ltd increasing by 24pc, from €40.93m to €50.72m, in the 12 months to the end of August last.

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Niagara Films counts Brown Bag Films Unlimited as one of its subsidiaries.

Founded in Dublin in 1994 by managing director Cathal Gaffney and creative director Darragh O'Connell, Brown Bag Films was acquired by Canada-based 9 Story Media Group in 2015.

Today, Brown Bag Films, whose work includes global children's TV hits 'Doc McStuffins' and 'Henry Hugglemonster', has studio locations in Dublin, Toronto and Manchester.

The directors said that they were satisfied with the 24pc increase in revenues, "and with the performance of the business".

The business last year paid out dividends of €1.46m, and this followed a dividend payout of €1.1m in 2017.

Staff numbers last year rose to 334 from 301 and staff costs went up by 22pc, to €19m from €15.8m. Directors' pay totalled €491,103.

On April 14, the Canada-owned Niagara Films firm re-registered from an unlimited company to a limited company, where it is now required to file annual accounts.

Niagara Films Ireland Ltd last year recorded post-tax profits of €5.8m after paying out corporation tax of €1.06m. Shareholder funds at the end of August last year totalled €48.14m, which included accumulated profits of €12.17m.

The group's cost of sales last year increased from €25.14m to €32.25m.

The company's cash pile increased from €10.34m to €14.59m. The profit last year takes account of non-cash amortisation costs of €3.4m.

Irish Independent

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