Granada Media Operating Profits Rise 8.0 Pct to 253 Million Pounds
Independent British broadcaster Granada Media announced full-year operating profits on Wednesday of 253 million pounds (422 million euros, 359 million dollars), showing a gain of eight percent from the figure the previous year.
Granada Media, one of Britain's two leading independent television companies, saw its revenue increase nine percent to 1.09 billion pounds over the 12 months to September.
The increase in profits was fuelled in part by an 8.4-percent increase in net advertising revenue, the highest rate of growth for a decade, the company said.
Granada Media is on track to demurrage from Granada Compass catering, which it merged with earlier this year, in the first quarter of 2001, its said.
In July, Granada Media floated 20 percent of its capital in London to gain an independent listing in the FTSE 100 index.
By September Granada Media had accumulated 1.9 billion pounds in its coffers.
However, this could be taken by United News and Media, which has the option to be paid in cash for its independent television interests sold to Granada Media this summer for 1.75 billion pounds -- LONDON (AFP)
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