Yorkshire-Tyne Tees, the commercial TV station covering the Northeast of England, yesterday posted a big increase in pretax profits for the year ended Sept. 30, 1992.
But, despite the company’s upbeat presentation of prospects for 1993 and 1994 , media analysts are forecasting a decline in net income over the next two years as the high cost of the company’s Channel Three franchise begins to bite.
Net income before tax jumped 23.1% from T13.1 million ($ 20 million) to T16.1 million ($ 24.8 million) on sales that were up 10% to T210.1 million ($ 324 million). Earnings per share were up 18.3%, to 27.1 pence, while YTT’s cash balances increased from T12.9 million ($ 19.9 million) to T23.1 million ($ 35.6 million).
Dividend was maintained at 8.7 pence per share.
Yorkshire, which merged with neighboring station Tyne Tees last year, has a strong program-making division which was responsible for some of the year’s biggest hits on the ITV web, including record-breaker “The Darling Buds of May.”