Channel 5 has posted a record-breaking operating profit of £58.4 million for the 2016 financial year.
It marks the UK broadcaster’s first consecutive years of profitability in its history, following a profit of £14.9 million last year.
The record follows Viacom’s acquisition in 2014.
Turnover, which derives largely from advertising revenues, increased 19 per cent year-on-year to £383.6 million compared with £322.7 million in 2015.
Strong portfolio growth was seen amongst younger audiences with a nine per cent increase in share of viewing amongst 16-34-year-olds. Channel 5 stated that this reflected the performance of its 5Star channel, which had its best ever year with young audiences (up 32 per cent year-on-year), and Spike in its first full year on air. Channel 5’s content was also more popular among online viewers via its rebranded My5 player, which delivered an 18 per cent year-on-year increase in streams during the financial year.
David Lynn, president, UK, Northern and Eastern Europe, Viacom International Media Networks, said, “Channel 5 is radically different to the network Viacom first looked at buying three years ago; it has an entirely new look and just seven shows still broadcasting that were on air in 2013.
“This transformation has taken place under American ownership but it is being driven by original British content.
“We’ve transformed the business model, through our advertising partnership with Sky Media and by getting Channel 5 to work more closely with our pay-TV channels, making it sustainably profitable for the first time, in spite of recent economic uncertainty.”