United News & Media today announced full year financial figures which show that it lost £25m from its 29% stake in Channel 5. However, profits before tax and exceptional items jumped 17% to £340.3m on the back of turnover up 8% to £1.9 billion. A spokesman for the media group said: “We expected an operating loss while Channel 5 builds itself up as a company.”
United’s chief executive, Lord Hollick, commented: “United is in a strong position to continue investing heavily to support internal development and strengthen the market leading position of its core businesses.”
UNM: 0171 921 5000
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