- Flextech, the cable and satellite TV company, has turned in a profit for 1997 after launching a raft of new channels and taking over a quarter of all basic-channel viewing in multi channel homes, according to the company's latest annual results.
The company, which controls channels such as Bravo and Discovery and has a partnership with BBC Worldwide, UKTV, announced a turnover of over £100 million for the first time in its history, up 54 per cent on 1996.
Profits for the group were £1.9 million, compared to a loss of £15.6 million the previous year, before a net exceptional charge of £7 million.
At the same time ad revenue was up from £6.2 million to £15.4 million, while subscription revenue rose from £30.9 million to £49.5 million.
Roger Luard, the chief executive of Flextech, said that the results were generated by strong trading in the company's core business of basic channel provision.
He added that with its channel mass and brand popularity, Flextech was now "strongly positioned to benefit from the growth and development of the UK pay-TV market and the launch of digital."
Flextech aims to maintain its position as a leading supplier of basic TV channels in the pay-TV market, regardless of the distribution technology involved and is developing its interactive services with the launch of its interactive TV Travel Shop this spring.
The results come as Flextech announced record viewing levels for its UK channels, with its channel portfolio seeing a year-on-year 38 per cent rise in commercial impacts in February.