For the 12 months to 30 September, the Viacom-owned company recorded operating profit of £58.4m – almost tripling last year’s £14.9m.
Meanwhile, turnover is up 19% year on year to £383.6m. Channel 5 retained a profit after tax and extraordinary items of £42.3m, up 15.9% on last year.
Channel 5 did not disclose its ad sales results for the year, but stated its turnover derives largely from advertising revenues and that these had benefited from a strong ratings performance relative to free-to-air competitors ITV and Channel 4.
For the second financial year running, Channel 5 said its family of channels was the only terrestrial portfolio to grow its share of total TV viewing in the UK in the year to 30 September, gaining 2% to record a 6.13% share.
David Lynn, president of UK, Northern and Eastern Europe for Channel 5’s parent company, Viacom International Media Networks, commented: "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."