TV4 Group Profit Up 26 Percent

STOCKHOLM: Swedish broadcaster TV4 Group has reported its best-ever yearly earnings, with 2010 operating profit rising 26 percent to SEK 807 million ($124.2 million).

"Our record profit is testimony to the hard work that has been done throughout the group," said CEO Jan Scherman. "In the face of ever more intense competition, we have shown fighting spirit and ingenuity. 2010 saw many new deals, new investments, new focus, new hit shows, new services offered on new platforms—and continuing successes in national and local advertising sales."

Group revenues were up 9 percent to SEK 6 billion ($926.2 million). The results were boosted by strong ad revenues, with TV4 posting a 17.6-percent increase. The group posted an 2010 audience share of 29.9 percent in the 12-to-59 target group.

"The TV world is undergoing rapid and far-reaching changes," continued Scherman. "We have seen very strong earnings in 2010, entrenching our position as market leader. This gives the strength and freedom to take the TV4 Group into the next phase, which will involve continued rationalization and greater flexibility, both needed to meet the intensifying competition for viewers and advertisers alike. Our continued success depends on our ability to give the public the best content, strengthen our strategic alliances and offer our advertisers the best range of advertising services."