Granada half sees profits up

Granada Group, the British TV and leisure conglomerate, saw pre-tax profits rise 28% to T68.1 million ($ 103 million) for the six months ended March 27.

The company’s wholly owned ITV station, Granada TV, increased its profits by 19% to T21.2 million, largely thanks to cuts in overhead.

Sales for the TV operation rose just 0.6% to T138.8 million.

Overall group sales were T640 million, up only marginally from the same period last year.

The new ITV license period started Jan. 1, halfway through the six-month period, resulting in a heavier burden upon Granada TV of payments to the government for the right to broadcast.

The company also owns 13.5% of British Sky Broadcasting, the multichannel satellite TV service, which is on track to produce “significant operating profits” this year.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety