Five-time Oscar-nominated animation studio Cartoon Saloon's pre-tax profit increased by 45 percent in 2023 to €1.33 million.
New consolidated accounts show Kilkenny-based Cartoon Saloon Ltd's revenue increased despite a 22 per cent drop in revenue from €15.1m to €11.72m.
Last year, Cartoon Saloon celebrated its 25th anniversary by hosting a number of events to mark the occasion.
Profit before tax of €1.33 million followed a profit of €915,481 in 2022.
In recent years, the company has benefited from a surge in demand for content from streaming services such as Netflix, Apple+ and Disney+.
However, the directors note that, like many other companies in the animation industry, they face risks and uncertainties that primarily relate to uncertainty in demand for specific products and the ability to compete successfully with other producers in the market.
The directors say they are “confident in the company's ability to compete successfully and grow its market share.”
Due to the reduction in revenue in 2023, the number of employees was reduced from 185 to 145 people, including 142 in the operational department and three in management.
Personnel costs decreased from EUR 9.32 million to EUR 7.7 million.
The company's revenue was €11.44 million from animation services and €280,988 from merchandise sales.
The Group recorded an operating profit of EUR 1.16 million, also receiving EUR 252 thousand from the share of profit in associated companies.
Profit was also impacted by a loss of investment income of EUR 229,726, offset by a gain of EUR 162,421.
The Group recorded a profit after tax of EUR 1.12 million after income tax of EUR 201,073.
The company's accumulated profit amounted to 7.18 million euros, and the cash fund increased from 1.08 million euros to 3.2 million euros.
The directors did not recommend paying dividends.
Profit includes non-cash depreciation and amortisation charges of EUR 208,416.
Directors include Paul Young, Tomm Moore and Nora Twomey.
The total salaries of the directors amounted to €571,310, including €270,000 in remuneration and €301,310 in pension contributions.
The studio has previously received Oscar nominations for such films as Wolfhounds, Late Afternoon, The Breadwinner, Song of the Sea and The Secret of Kells.
Sourse: breakingnews.ie
