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Tinopolis profits rise by 23%

TV indie is one of U.K.'s largest production companies

LONDON — Ambitious Welsh indie Tinopolis, announcing its first full-year results since it controversially bought the Television Corporation for £36 million ($70.3 million) in January, saw profits surge 23% to $2.07 million.

In what has been an eventful period for the company, with some high-profile toppers leaving, for the year ending Sep. 30 sales surged to $92.7 million, up 355% from the $20.38 million posted during the same period last year.

Excluding a one-off restructuring cost of $2.25 million and coin from the sale of sports technology subsidiary Hawk-Eye, adjusted pre-tax profit was $2.64 million, up 56% on 2005.

Tinopolis said it expects to make almost 2,700 hours of TV this year through subsidiaries such as Mentorn, the rated factual and drama producer now headed by ex-BBC topper John Willis, and sports producer Sunset + Vine.

Executive chairman Ron Jones said the outfit had excess cash of more than $25.4 million and virtually no debt.

He said: “”The order book for the original business already shows significant organic growth for 2007.

“With the acquisition of the Television Corp. in January this year Tinopolis has become one of the largest companies in the U.K. television production industry.

“This strategic acquisition gives us the scale and resources to compete strongly in a fast-changing market.”

Jones added: “Significant progress has been made toward financial recovery of the Television Corp. businesses.

“Its creative team has been strengthened since the acquisition and significant recommissions have been won.

“With the refocusing of this business on profitable programming and reducing costs, losses for the second half of the year have been considerably reduced.”