The Television Corporation has announced turnover totalling £22 million for the first six months of 2005, up from £17.4 million this time last year, with profit before tax hitting £1.6 million compared to £672K last year.
The first half of 2005 has seen growth of over 25% in core UK programme revenues against those of the comparable period in 2004, reflecting significant steps in increasing profit margins in the group’s factual programme production.
Operating profit for the first half of 2005 was £154k, compared to a loss of £831k in the comparative period, with earnings per share at 3.98 pence, up from 1.78 pence year on year.
The transformation of the Television Corporation’s financial position over the past year and a half has allowed carefully targeted investment in the creative teams in the company’s London, Oxford and Glasgow operations. The 26% growth in the UK programme revenues in this period is attributed, in part, to the first initiatives taken in 2004.
Commenting on the results, Tom Chandos, chairman of the Television Corporation said: “We have a strong balance sheet and growing revenues in core UK operations. Under Peter Salmon’s leadership, we are also attracting some of the most talented and creative executives in the British television industry.”
He added: “Combined with our existing teams, they will grow our business in the UK and internationally with high value programmes and content across a range of platforms.”
Salmon, ex BBC director of sport, joined the Television Corporation as group chief executive at the beginning of July, replacing Jeff Foulser (see Salmon To Join The Television Corporation).
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