Shed Media profit increases by 22 per cent

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The Independent Online

Shed Media said it overcame a "turbulent" television market in the first half of the year as it reported a 22 per cent rise in adjusted pre-tax profits.

The independent producer, which recently agreed to sell a majority stake to Time Warner of the US, said shows such as the BBC school drama Waterloo Road and ancestry programme Who Do You Think You Are? were key to its 27 per cent rise in turnover and an increase in adjusted pre-tax profit to £6.2m.

The company said it broadcast 179 hours of programmes in the UK during the reporting period and had "good production visibility", with a further 317 hours commissioned, equivalent to 93 per cent of its annual production revenues.

"These results... underline the strength of the group," said the chairman, Heather Rabbatts. "The UK broadcast market remains turbulent, with significant changes occurring across all the major broadcasters.

"Against this backdrop, Shed has strengthened its position, building on returning brands, securing new high-profile commissions like Turn Back Time: The High Street and We Built The Titanic and developing talent both on and off screen."

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