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Netflix posts 37 per cent profit increase

Warned of competition from Britbox

Netflix has posted a UK profit increase of 37 per cent and revenue increase of 44 per cent over the last 12 months.

Revenues from the UK totalled €48 million ($53 million) in 2018, compared to €26.9 million the previous year; while profits hit €2.34 million, compared to €1.5 million in 2017. The company also received an income tax credit from the British government of €57,656.

However, the company hinted that these figures may be hit by the launch of BritBox later this year. “If Netflix is unable to successfully or profitably compete with current and new competitors, the business will be adversely affected and Netflix may not be able to increase or maintain market share, revenue or profitability,” said Netflix.

The statement also warned of potential changes to government regulation, as Wolf Hall creator Peter Kosminsky called for the introduction of a levy on the SVoD services.