Media moves improve Carlton's future view
Thursday 25 May 1995
Mr Green made his comments following the release of the company's half- year pre-tax profits, which came in at pounds 120.1m, up 64 per cent from the same period a year earlier, on turnover up 22 per cent to pounds 800.6m.
The results were at the top end of analysts' estimates, and most raised their full-year forecasts to about pounds 250m, and to as high as pounds 288m in 1996.
The shares dropped 13p to 946p, despite the better-than-expected performance. Analysts said there had been profit-taking following the rise in media stocks in recent weeks, before the unveiling of the Government's Green Paper on media.
Mr Green told an analysts briefing that speculation he had been negotiating with Lord Stevens, chairman of United Newspapers, to buy the Express national newspaper titles was "absolute nonsense". But according to analysts at the briefing, Mr Green confirmed he was interested in taking Carlton into other media businesses.
Despite the strong growth in the first half, some analysts were concerned about lower margins in Carlton's video distribution operations, where higher raw material costs and demands from Hollywood studios for more elaborate packaging had squeezed profit. The company's low-cost UK video distribution arm, Pickwick, continued to underperform.
According to analysts, Mr Green disputed forecasts that video on demand and other delivery systems for entertainment would replace video cassettes. He underlined that the video distribution business remained healthy and would perform well into the foreseeable future.
Margins on the broadcasting side were far healthier, reflecting stronger advertising revenues and the inclusion of results from Central Television for the full six months of the period.
In the future, Mr Green said the company would concentrate on developing its film and TV programme libraries, and on selling more product overseas. The company's interest in cable and satellite television was linked to securing larger markets for its own production, he said. Investment Column, page 41
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 2 Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
- 3 Katie Hopkins has just written a piece so hateful that it might give Hitler pause – why was it published?
- 4 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
- 5 Cancel Sky at your peril: man spends 96 minutes in chat but fails to get rid of service
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...