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Beyond profit down 10%

MythbustersBeyond International has seen its after-tax profit fall nearly 10% year-on-year – a result that was better than expected based on previous guidance.

A preliminary ASX financial report for the full year to June 30, 2016, saw profit after tax come in at A$5.32 million (US$4 million), down from A$5.86 million in 2015.

Revenues were up 8.6%, coming in at A$101.23 million, but costs increased 11.3% to A9$4.99 million, which brought earnings down.

However, the drop was lower than expected. Beyond had issued guidance in July warning investors after-tax profit could fall as much as 35% – meaning the result was up to A$809,000 better than the worst case scenario.

Within the results, production and copyright brought in A$38.37 million, while distribution accounted for A$25.84 million. Production costs were up however, while distribution expenses were down.

Overall, Beyond put 174 hours of programming into production across the year, 56 of which were for US broadcasters and included the final season of the money-spinning Discovery Channel reality-factual series Mythbusters (pictured).

Beyond noted Netflix, Amazon, Hulu and YouTube were bringing “challenges and opportunities” for production, but was planning to strengthen its relationships with new media businesses in the next 12 months.

Results also revealed Beyond’s production joint venture with Australian commercial broadcaster Network Seven, 7Beyond, lost A$404,000, a 27.9% improvement on the previous year.

The JV scored its first commission during the period, My Lottery Dream Home, Beyond noted.

On the distribution front, where revenues had fallen 4% year-on-year, Beyond said in a statement: “There are now fewer medium-sized independent producers/distributors active in the market at any time in the modern era – and this is an advantage to the medium-sized entities in attracting new product and customers as these companies offer an alternative to the handful of large entities that dominate the international content business.”