Operating profits at multi-award winning animation studio Brown Bag Films last year increased by 25 per cent to €7.2 million.
The increase in profits at Niagara Films Ireland, Brown Bag’s parent company, comes as revenue increased by 35 per cent from €42.9 million to €57.98 million in the 12 months to the end of August last.
Founded in Dublin in 1994 by Cathal Gaffney and Darragh O’Connell, Brown Bag Films was acquired by Canadian based 9 Story Media Group in 2015.
The soaring profits coincided with two Brown Bag Films productions debuting on streaming services Netflix and Disney+ last summer. Ridley Jones debuted on Netflix in July 2021 while Sadie Sparks debuted on Disney+ in June 2021.
The best crime fiction of 2024: Robert Harris, Jane Casey, Joe Thomas, Kellye Garrett, Stuart Neville and many more
We’re heading for the second biggest fiscal disaster in the history of the State
Housing in Ireland is among the most expensive and most affordable in the EU. How does that happen?
Ceann comhairle election key task as 34th Dáil convenes for first time
Last October Karma’s World launched on Netflix while the studio’s Eureka debuted on Disney Junior in June of this year.
Ada Twist, Scientist, a show by Brown Bag, also launched on Netflix last year.
The firm’s pretax profits increased by 5 per cent to €5.85 million. The increase in pretax profits was lower than the rise in operating profits. This was due to an exceptional cost of €937,069 associated with the firm’s decision to shut its studio in Manchester last November consolidating its 2D production in Toronto.
On the decision to close the Manchester studio a note states that “the directors feel this will allow the group to achieve long-term objectives with one 2D studio”.
Brown Bag is also operating a studio in Bali and is recruiting for openings at the studio there.
The business’s interest costs last year, at €418,244, were more than twice the interest costs of €171,47 in 2020.
Brown Bag Films, whose work include TV hits Doc McStuffins and Henry Hugglemonster, also operates a studio in Dublin.
The business last year paid out dividends of €1.52 million after paying out dividends of €1.51 million in 2020.
Numbers employed increased by 24 from 349 to 373. Staff costs last year increased by 23.5 per cent from €17.86 million to €22 million. Directors’ pay totalled €766,713.
Shareholder funds at the end of August last year totalled €60.62 million that included accumulated profits of €20.99 million.
The company’s cash pile almost doubled from €17.08 million to €30.5 million.
The profit last year takes account of combined non-cash amortisation costs and depreciation costs of €8.35 million.
