Entertainment One Share News (ETO)

(ShareCast News) - Entertainment One disappointed investors with news that film distribution had suffered a weak first quarter, but assured that Peppa Pig helped its television arm to a very strong start and that it was confident about the full year result.Group revenues fell 2% on a pro forma and constant currency basis, despite being 1% higher on a reported basis, as a shrink in film releases to 44 from 74 in the prior year period saw the division's takings fall 11% to $64m and revenues by 9%.The FTSE 250 company also guided lower film volumes for the full year to around 230, from the 250 previously, due to the timing of some releases in the fourth quarter.However, television revenues stormed up 32% on a pro forma and constant currency basis, driven by strong international sales and production deliveries.Chief executive Darren Throop said animated porcine star Peppa was a key driver, as she consolidated her Top Pig status as number-one TV brand in the UK, Spain, Italy, Australia, Brazil and Mexico, with continued growth in international territories such as the US and France, and an encouraging launch in China with CCTV.The TV arm overall produced 235 half-hours of content, more than double that of the same period last year, and is on track to produce/acquire more than 1,000 half hours over the full year.Throop said: "With an exciting pipeline of film and television programming and a continued focus on acquisition opportunities we look forward to updating investors on further progress against our growth strategy during the remainder of the financial year."After management's signalling that some headwind is likely from currencies, broker N+1 Singer said it seemed likely that consensus EBITDA will drop below £120m given current rates."Today's news is likely to weigh on the stock along with concerns Marwyn Value Investors will sell down more stock," analysts added.