National broadcaster Channel 4 delivered a surplus of £5m as it enjoyed a “strong” performance in 2018.
Channel 4 said performance was driven particularly by record growth in digital as the broadcaster also announced that it had signed up to a new terms of trade agreement with Pact, the trade association representing the commercial interests of UK independent television, film and digital companies.
The broadcaster said that despite a challenging economic environment, revenues up over £15m to £975m. Charles Gurassa, chairman of Channel 4, said: “2018 was a year of strong performance for Channel 4 both creatively and commercially. Against the background of a changing media landscape and a challenging economy, Channel 4 continues to be seen as a compelling brand to viewers, advertisers, producers and talent.”
The new terms of trade agreement with Pact will enable Channel 4 to make its content available on linear channels and on-demand to suit how and where viewers want to watch it.
Channel 4 said it maintained a strong balance sheet, with total net assets of £439m, compared to £446m the previous year, alongside cash reserves of £180m.
The broadcaster said that its All 4 the UK strategy, which looks to better reflect the UK’s regions in its output, is being delivered on target for the launch of its new national headquarters in Leeds later this year.
Alex Mahon, chief executive of Channel 4, said: “It’s a phenomenally exciting time to be at Channel 4 as we transform the organisation to be truly representative of the whole country with the 4 All the UK strategy and continue to accelerate our digital growth and increase investment in our relationship with young viewers.”