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Originally Posted by armand.kay
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Channel 5 is set to post annual pre-tax profits of around £40m after a massive 35% surge in turnover.
The broadcaster is close to filing its first full-year financial results since being acquired by Viacom in 2014. While the 2014 figures only accounted for the first nine months of the year, to bring C5’s financials into line with Viacom’s, the turnaround is still significant.
C5 is expected to post pre-tax profit of £39.5m and an operating profit of £21.5m in the twelve months to 30th September 2015, compared to a loss of £12.9m to end of September 2014.
Turnover will be up from £240m last year to £322.7m.
The broadcast was hit by £7.2m programming write down relating to its acquisition of Warner Bros’ reboot of Dallas and a £6.6m charge covering redundancy costs relating to the closure of C5’s ad sales division.
But the decision to close the sales division and take its business to Sky Media in May 2015 has been the key driver in the improved performance.
It is understood that the Sky Media’s increased negotiating strength, and ability to guarantee price increases related to C5 ratings growth in key demographics, has led to much of its growth.
C5’s full financial accounts are expected to be filed with Companies House imminently.