Granada Follows Carlton Into the Red

28 November 2002

Granada Media yesterday joined its ITV partner Carlton Communications in this year’s fashionable media colour – red.

On Wednesday Granada posted its preliminary results for the year to September 30, reporting a loss before tax and after goodwill and exceptional items of £164 million ($253.69m; €256.17m). This compares to a profit of £46 million in 2001.

Other key data are:

• Advertising revenue: full year down 4%; H2 up 5%;

• EBITDA before exceptional items £202m (2001: £220m);

• Profit before tax, goodwill and exceptional items £176m (2001: £196m);

• Profit before tax and goodwill and after other exceptional items(including £250 million for digital goodwill) £142m (2001: £99m);

• Earnings per share before goodwill and exceptional items £0.46.

Commented executive chairman Charles Allen: “At the end of the first half I said that the ITV fightback starts now – we’ve had a good first round. Second half NAR [national advertising revenue] rose by 5%, the schedule responded to increased investment and focus and we agreed commercial terms for a merger with Carlton.

“We now have a clear vision for the future: one ITV company, with one management and one focus to build a stronger ITV for our viewers, advertisers and shareholders.”

Data sourced from: and Granada Media; additional content by WARC staff