Entertainment One (E1) has released a positive trading update driven by a strong performance in its Film division. E1 has also announced a successful £10.3m placing to fund the repurchase of exchangeable notes at a discount of over 60% to their expected maturity value, significantly strengthening the balance sheet and improving leverage ratios. We have increased our estimates and now expect 30% growth in EBITDA and a 21% increase in EPS in 2009/10 as management's growth strategy delivers returns.

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