French broadcaster TF1 has posted an operating margin of 11.4% for the first quarter meaning that CEO Gilles Pélisson has so far delivered on a promise to raise the group’s margin to more than 10% this year.
TF1 posted revenues of €553.7 million for the first quarter, up 10.9%, with advertising contributing €394.9 million, up 7.1%.
The group posted an operating profit of €62.9 million, up 61.3%.
The broadcaster said that its channels had delivered an improved performance thanks to growth in linear and non-linear ad revenues in line with its solid audience performance and an incremental contribution from its deals signed with IPTV operators and pay TV service provider Canal+.
The group’s studios and entertainment arm saw revenues slide by €3.5 million to €93.5 million, but were flat excluding an impact from the reclassification of production outfit Newen’s web activities under the Neweb banner.
The quarter saw Newen deliver its first series for Netflix, Osmosis, and grow its international business.
TF1’s new digital arm Unify turned in revenues of €40.5 million, with operating profit flat year-on-year.
In addition to setting a double-digit operating margin target, the broadcaster is aiming for a total programming bill of €990 million on average between 2019 and 2020, and revenues from Unify of at least €250 million by 2021, with an EBITDA margin of at least 15%.
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