LWT Profits Announced

LWT has announced profits of £16.5m for the six months to June 30 – up 20.5% on the same period last year. The company claimed that with profit margins up 7% to 26.6% LWT has one of the highest margins in the industry – operating profits rose by 39% to £32.3m.

Due largely to the loss of revenue from the sale of C4 airtime, turnover was down £13.2m to £121.2m. LWT’s share of ad revenue was down 0.25% – compared to an overall London ITV shortfall of 1%.

As well as announcing its own profits LWT also revealed that GMTV, in which the company has a 20% stake, had made losses of £10m in its first 6 months – double that originally budgeted for. Despite a relaunch in April, following the appointment of Greg Dyke as chairman, the channel has not been able to deliver audiences in the same numbers as its predecessor TV-am, especially since the launch of C4’s ‘Big Breakfast’.

LWT: 071 620 1620