TF1 Group has maintained stable revenues for the full year for 2014 despite a continued slide in core advertising revenues.
The French commercial broadcaster, which operates leading private network TF1, posted full-year sales of €2.1 billion (US$2.4 billion), up 0.3%, despite a 2.6% drop in advertising revenues to €1.6 billion. Revenue from other activities, including from the sale of online shopping outfit Place des Tendances, amounted to €516.3 million, up 11.1%.
The group saw ad revenues slide across the board, including for pay TV channels. TF1 say pay TV revenues fall by 5.2%, thanks in large part to reduced ad revenues from pay channels in the face of greater competition from the free-to-air market.
Programming costs rose by €47.3 million to €994 million, thanks in large part to coverage of the football World Cup, which contributed €73.7 million in additional costs.
The group expects economic conditions to be more favourable this year, and said it would continue to try to grow revenues through the free-to-air offering and digital initiatives, as well as continuing to focus on costs.
TF1 posted an operating profit of €116.5 million, down 10%. However its net profit was boosted to €412.7 million thanks to the sale of a number of assets.