BBC Worldwide Ltd., the corporation's magazine and commercial division, has reported its operating profit for the year ending March up 36.5% to £145.2 million. According to a report in Press Gazette
Chief executive John Smith said: "Today’s figures, with profits up by 36.5 per cent, demonstrate that our strategy is working. As well as developing into a diversified global media business and extending the international visibility of the BBC brand, the company is delivering a strong financial performance.
"BBC Worldwide continues to give consumers around the world more and more content from the BBC and other British production companies. This allows us to re-invest in more great content and return more cash to our parent organisation, the BBC.”
Magazines are one of Worldwide's seven core businesses. The profit from magazines was £168.3m, and overall sales were down marginally (-1.3%) from the year before. The full annual report is here (fair warning, it is 10mb).
- The four biggest titles -- Radio Times, Good Food, Gardener's World and Top Gear -- maintained their positions and their profitability at 16.5%.
- Overall circulation for adult magazines rose slightly 2.4 million versus 2.37 million in 2009.
- Subscriptions grew 9.6% to an all-time high of 940,000 (most BBC magazines are sold as single copies)
- Children's magazines (a relatively small portion of the magazine business) slipped somewhat in profitability
- Joint ventures recovered from a 2.1% loss last year to a very modest profit this year (0.6%). These include magazine distribution, subscription fulfillment and consumer shows in the UK and international partnerships in India and Australia.