Profit has risen at TEN for the first time in 4 years.
This morning TEN reported a first-half net profit of $13.4 million, a turn-around on on last year’s loss of $264.4 million for the same period.
But the profit included a one-off $24.8 million sale of its Eye Corp outdoor advertising business.
Half-yearly revenue grew 8.1% (YoY) to $348 million, including an after-tax profit of $13 million. Earnings before tax, depreciation and amortisation was $10.1 million.
Revenue was up to 23.4%, the highest since the second half of 2012, which Chief Executive Officer Paul Anderson attributed to the Company’s improved ratings and the success of its sales through Multi Channel Network (MCN).
“Our clear strategy of investing in fresh and innovative prime time content and expanding strategically our digital media business tenplay is producing encouraging results,” he said.
“TEN was the only free-to-air television company to increase its prime time audience in the 2015 ratings year. That trend continued across the 2015-16 summer, with Network TEN achieving its best ever summer audience among people 25 to 54 and its highest summer commercial share in total people since 2003-04.”
TEN has seen improved ratings for shows including Big Bash League, I’m a Celebrity Get Me Out of Here, The Bachelor and good debuts by Gogglebox, The Bachelorette and Shark Tank.
In 25 to 54s this year TEN has recorded a TEN recorded a share of 28.7% amongst the three commercial networks, between 6pm -10:30pm. Tenplay recorded a 30.4% increase in video segment views and a 34.5% increase in video unique visitors, with app downloads at 2.53 million.
But TEN also urged the federal government to address commercial television licence fees in the upcoming Budget.
“This is putting us at a major competitive disadvantage and threatening the future of free- to-air broadcasting and, in particular, the Australian content ecosystem,” Anderson said.
“A reduction will mean more money for Australian content and more jobs in local production.
“However, without a meaningful reduction in this Budget, the free-to-air television industry will be forced to look at reducing costs further, which will mean cuts to Australian programming and, inevitably, job losses at Australian television production companies. That would be a terrible outcome for everyone, particularly Australian viewers.”
TEN’s upcoming domestic calendar includes MasterChef Australia, The Bachelor Australia, The Bachelorette Australia, Shark Tank, The Great Australian Spelling Bee, Have You Been Paying Attention?, Offspring, Brock, The Wrong Girl and Australian Survivor plus sporting highlights.