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TF1 records large profits uptick, but drops profit margin target

TF1 has reported a 51% increase in half-year net profit, taking the total for the first six months of 2010 to €74m.

Advertising revenues increased 11% at the French free-to-air broadcaster, largely because of the soccer World Cup. Revenue for the period was €1.3bn, a 14% year-on-year increase.

The healthy profit and revenue figures spurred management to its raise full-year revenue target to €2.5bn, which would represent growth of 7% against earlier expectations of a 4% increase. However, management also dropped a previously stated target of a 20% profit margin citing changed economic circumstances.