BBC WORLDWIDE DELIVERS FOURTH SUCCESSIVE YEAR OF DOUBLE-DIGIT PROFIT GROWTH
Results for 12 months to 31st March 2008: Operating profits up 17% to £117.7m
Growth shows strong results from existing operations alongside progress in new businesses & priority markets
BBC Worldwide Ltd, the commercial arm and wholly owned subsidiary of the British Broadcasting Corporation (BBC), today published its Annual Review for 2007/08.
Operating profits rose 17% to £117.7m (2006/07: £100.6m) in the 12 months to 31st March 2008, on sales up 13% to £916.3m (2006/07: £810.4m).
Announcing the results, John Smith, Chief Executive, BBC Worldwide, said that the proportion of sales from outside the UK had increased from 46% to 49% of the total.
Significant profit growth was delivered by BBC Worldwide's Sales & Distribution, Home Entertainment and Content & Production businesses, with Magazines putting on circulation in a challenging market.
Good progress was made in increasing BBC Worldwide's presence in Australia, India and the USA, which have been identified as top priority markets.
During the financial year, BBC Worldwide also made significant long-term investments in its digital and global brands strategies, launching bbc.com – an advertising-funded internet platform for web-users outside the UK – building the Top Gear brand and acquiring a majority stake in Lonely Planet, the renowned travel information publisher.
John Smith, Chief Executive, said: "BBC Worldwide has achieved another year of double-digit profit growth*, while also making significant strategic investments in new businesses to prepare the company for the digital media world.
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BBC Worldwide Annual Report 2007/8