Northern & Shell, owner of Channel 5 and a stable of national newspapers, saw its revenues increase by 40 per cent during 2011, despite difficult trading conditions.
The year saw the first full-year contribution from Channel 5 since Northern & Shell acquired the broadcaster in July 2010. Channel 5 boosted turnover by 23 per cent to £353m in 2011, despite a largely flat UK TV advertising market. The broadcaster, which suffered a £48m loss in 2010, recorded an operating profit of £26.2m in 2011, despite an increasing spend on programming.
Overall, the group, run by Richard Desmond, grew total turnover to £688.8m from £496.2m, recording post-tax profits for the financial year of £40.2m in 2011.
"Despite the difficult macroeconomic climate, the group has achieved significant growth over the last two years, both in its core media activities and out into other business areas. We remain intent on continuing to explore further opportunities," Robert Sanderson, the finance director of Northern & Shell, said.
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