A 6.2% increase in the ITV ad revenue gained through Granada Media Sales has helped media and leisure company Granada to post an increase in pre-tax profit of 14% for the year ended 25 September 1999.
This pre-tax profit of £835 million does not include the costs incurred by setting up digital terrestrial television service, ONdigital. However, operating losses of £90 million from digital TV and exceptional items were offset by the sale of Granada’s direct stake in BSkyB (see Granada Sells Stake In BSkyB) and the Savoy Hotel in London.
In July this year, Granada acquired a 9.9% stake in Liverpool FC and is now advising the club on licensing, publishing, merchandising and advertising (see Granada Takes 10% Stake In Liverpool FC). In March, the company bought Mirror Group’s 18.6% stake in Scottish Media Group for £110 million (see Granada To Buy Mirror’s Scottish Media Stake); Granada is now much-touted to launch a full takeover bid for Scottish Media at some point in the future.
Granada also pointed to a successful year for the ITV Network, which has seen the removal of the News At Ten to open up a new evening schedule. “Powerful scheduling has pushed ITV’s share of broadcast up again to 39%. More flexible scheduling has enabled ITV to maximise the impact of event programming,” said Granada chairman Gerry Robinson.
Group turnover for media operations stood at £275 million, up 8% year on year. Earnings per share before digital television and exceptional items were up 12% to 31.9p.
Granada Media Group: 0171 620 1620
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