Record pretax profit in an encouraging year
reported by Associated Television Corporation Limited
- Turnover up from £38.0 million [£392.8m in today’s money allowing for inflation – Ed] to £45.5 million [£470.3m].
- Group profit before tax £7.2 million [£74.4m] – an increase of 16%.
- Dividend 7.27p [75.17p] per share against 6.92p [71.55p] – the maximum permitted.
- Increase in broadcasting hours resulted in advertising revenue up from £16.2 million [£167.4m] to £20.6 million [£212.9m].
- Government proposal to extend IBA’s Charter welcomed. Second channel awaited.
- Property revaluation shows surplus of over £8.7 million [£89.9m].
- Eighty per cent interest acquired in Ansafone – future potential immense.
A shortened version of the results announcement this year. ‘Uncle Bob’, Robert Burnham Renwick, 1st Baron Renwick, died on 30 August 1973 aged 68. Stripping the report back to just headlines robs us of his engaging mix of upbeat pronouncements mixed with dire warnings we’ve seen since he took over the chairmanship from Prince Littler in 1962.
The logical thing for Associated Television Corporation to do would’ve been to scout round for a new non-executive chairman, someone to balance the force of nature that was Lew Grade. Unfortunately, by this time Lew controlled well over half of the voting shares (the general public and the institutions who held the equity got no say in how the company was run) so Lew decided to elect Lew to be executive chairman of the group.
Finally he had what he had always been working for and what both Littler and Renwick had tried to prevent: complete control over every aspect of the ATV empire.
About the author
As a public company with shareholders, ATV was required to publish a detailed Annual Report at the end of each financial year. It was common to also publish a Chairman's Statement, summing up the report in more readable language.