Granada Announces Results

Granada has announced its results for 1993 2 days earlier than expected to coincide with the announcement for its bid for LWT. Pre-tax profits for the Granada group were up 53% to £176m compared to last year’s figure of £115m. This improvement was helped by all divisions, with the television sector up 30% to £43m. This was partly due to the acquisition of shares in LWT, ITN and BskyB.

Gerry Robinson, chief executive of Granada pointed out that Granada sells more programmes to ITV than any others and feels that LWT’s expertise in arts and entertainments would mix well with the drama, such as Coronation Street and Cracker, from Granada.

Granada also sees its offer for LWT as a chance to increase advertising strength as well as programming; and believes that without it LWT risks being marginalised.

In answer to the question as to whether Granada’s announcement had been brought forward to pre-empt any LWT bid for Yorkshire, Gerry Robinson was unable to comment, saying only: “Any move by LWT has to gain the approval of its shareholders.”