TV3 doubles operating profit despite a 'challenging' year
TV3 more than doubled operating profit last year and managed to cut its accumulated losses by nearly €70m despite facing what it called "challenging trading conditions".
Accounts just filed for Tullamore Beta Limited, which owns TV3, show the company recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of €4.3m on turnover of €57.3m in the year ended 2010. That compared with 2009 when EBITDA stood at €2.1m and turnover was slightly lower at €54.2m.
Cumulative losses fell from €314.6m to €246.2m after a renegotiation in the company's debt facilities, which saw a new loan of €81.1m reflected in the accounts as a gain. That was one of two new loans secured by the group.
The use of that loan helped push the company into a profit after tax and exceptional items of €68.48m.
Chief executive David McRedmond was pleased with the broadcaster's performance but warned his company, and the television business in general, was still some way from seeing off the economic downturn.
"Last year was a successful one for the group; we refinanced the business, grew audience, revenue and profitability to begin the recovery from recession. There is a long way to go but we are on the right track," he said.
Despite the difficult market conditions, the company increased head count marginally to 248. Directors' remuneration increased 12pc to €421,000 from €377,000 in 2009.