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Mythbusters firm revenues up, profit down

MythbustersAustralia’s Beyond International has posted mixed full year results to the Australian Stock Exchange.

The Sydney-based firm’s revenues for the year to June 30, 2015, were A$91.2 million (US$65.4 million), up 1.6% on the 2014 figure. However, net profit fell 26.6% – or A$2.1 million – to A$5.9 million.

Within the revenues, Beyond’s productions and copyright segment grew 5.6% to A$33.3 million, with distribution falling 2% to A$22.6 million.

The firm, which produces and sells show such as Mythbusters (pictured) and Deadly Women, saw its net cash reduced by A$582,000 to A$10.4 million, but on the plus side it has no bank debt.

Beyond noted it had produced 206 hours of television this financial year, including 38 hours for US broadcasters. This year LA-based production joint venture 7Beyond, which is operated with Seven Network, saw My Dream Lottery Home commissioned for series by cable channel HGTV.

Beyond revealed today it had scored “a number of pilots… fully funded by US broadcasters”, and that operating costs relating to the JV were A$560,000.

“Challenges for non-fiction programming in the Australia free-to-air sector include a predominance of formats that either have international ratings track records or are network developed and owned,” Beyond’s CEO and managing director Mikael Borglund wrote in the filing.

“The US market continues to reflect relatively cautious ordering – trending away from long series orders to pilots or short series orders as the market adjusts to increased competition and downward revenue pressure.”

Beyond will in the next twelve months focused on targeting channels that “value our ability to coproduce”; strengthening ties with on-demand services such as Netflix, Amazon Prime Instant Video and Hulu; and “diversifying genres” among other plans.