British production group SelecTV has reported six-month profits of T287,000 ( $ 444,000), a 61% increase over last year. Sales grew 17% to $ 9.8 million.
The company announced a new share issue to raise $ 6.6 million, in order to provide its share of the launch finance for Meridian Broadcasting. SelecTV has a 15% stake in Meridian, the new ITV station for southern England.
Cablevision Systems shares soared up $ 2.25 yesterday to close at $ 40 after the stock was upgraded as a “buy” at Donaldson Lufkin & Jenrette. The 6% run up in share price was due to DLJ analyst Frederick Moran’s upgrading Cablevision from “moderately attractive” to placing the stock on his recommended list. The main reason for the upgrade, Moran says, is the expectation that the company’s cash flow will increase at an annual rate of about 15% “for the next couple of years.”