Ten returns to profit after four years

Australia’s Ten Network is back in profit for the first time in four years.

Paul AndersonThe commercial channel’s parent, Ten Network Holdings, posted a half-year net profit of A$13.4 million (US$10.5 million) on revenues of A$334.2 million.

This compares with a A$264.4 million loss and revenues of A$309.8 million for the same period 12 months ago.

Ten has also reduced its net debt from A$131 million in August 2015 to A$20 million, as of February 2016.

The last time Ten posted a profit was H1 2012. Since then it has struggled financially, though a cash injection from pay TV firm Foxtel and improved ratings – including its highest commercial share of 25-54 – have steadied the ship.

The good news for Ten comes after Paul Anderson (pictured) replaced Hamish McLennan as CEO last July, and David Gordon was named chairman.

The Foxtel investment, a deal that also saw Ten taking over Foxtel media sales firm MCN, closed in July last year.

Ten’s best-rating series include The Bachelorette Australia, Gogglebox Australia, MasterChef Australia and I’m a Celebrity Get Me Out of Here.