Irish Oscar-nominated animation studio Cartoon Saloon recorded a profit of close to €1.4m in 2021, down from €1.8m a year previously, recently filed accounts show.

The Kilkenny-based company, whose latest film, My Father's Dragon, was co-produced and released in November by Netflix, ended the year with retained profits of €5.5m and net assets of €4.6m.

Turnover rose 17.5% year-on-year from €11.4m to €13.4m, the bulk of which related to animation services, with a further €55,000 in royalties and €280,000 in merchandise sales.

Similarly, sales costs rose from €2.6m to just over €3m and administrative expenses increasing from €7.6m to €9.4m.

Group operating profit of €1m was buttressed a €420,000 dividend from subsidiaries as well as €197,000 in investment income, but partially offset by interest payments, resulting in a pre tax profit of nearly €1.6m.

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The company paid close to €204,000 in tax. The 2021 financial year came following the release of Wolfwalkers, the 2020 film that was nominated for Best Animated Feature at the Oscars and distributed internationally by Apple TV+.

Cartoon Saloon added 21 staff in operations, with staff costs rising from €6.3m to €7.5m, including remuneration for directors Paul Young, Nora Twomey and Tomm Moore of €210,000.

Photo: Wolfwalkers. (Pic: Cartoon Saloon)