BERLIN — German paybox Premiere on Thursday posted a 10% increase in revenue to E247.4 million ($312 million) while narrowing net losses by 92% to $4.3 million.
Premiere reported strong growth in the first quarter from most of its core businesses, including subscriptions and pay-per-view. Subscriber revenue climbed 18% to $279 million, while PPV revs rose 53% to $10.5 million. Ad revenue, however, slipped 11% to $6.9 million.
Company topper Georg Kofler said Premiere had achieved all its targets in the quarter and pointed out that 10% revenue growth was well above the average for German media companies.
The capital increase from its initial public offering in March increased Premiere’s share capital by $412 million to $941 million, allowing the broadcaster to refinance. Existing loans were repaid using the IPO proceeds and a new credit line.
In the first three months of the year, Premiere narrowed its net debt from $467 million to $105 million.
Premiere recently launched history documentary net Discovery Geschichte, beefed up its sports channel with exclusive rights to Spain’s Primera soccer and increased its PPV offerings with more adult programming.
Company said that it expects further growth this year.