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Exceptional gain gives TV3 net profit boost, advertising improving

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David McRedmond, chief executive of TV3

David McRedmond, chief executive of TV3

David McRedmond, chief executive of TV3

TV3 has posted a net profit of just over €7.4m due to an exceptional gain related to the buyback of its former Anglo Irish Bank debt.

New accounts for the broadcaster's holding firm - Tullamore Alpha - showed that an exceptional gain of €8.9m from the buyback of its debt through the IBRC refinancing.

The company, which will face competition from UTV's new channel next year, reported a 19pc fall in operating profit to €1.1m while turnover fell to €55.9m.

However, it also reported a fourth consecutive year of earnings growth with EBITDA of €6.6m.

Chief executive David McRedmond was upbeat about the figures. "We'll take growth over recession every time," he said.

And he lauded the fact that the company had managed to grow EBITDA for the past four years.

He also said the advertising market was improving - with advertising agencies upbeat about next year.

"The market itself, the major agencies, are expecting pretty strong growth in 2015," he added.

And added that TV3 is focusing more on home-made programming as it is set to lose Coronation Street and Emmerdale

Online Editors