BBC Ventures Group deliver £29 million to BBC

BBC Ventures Group, the new commercial media services division of the BBC, has announced a £14.5 million profit turning around a £10.5 million loss in the previous year.
It also contributed £23 million in cost reductions and £6 million in net cash to the BBC Group.
Roger Flynn, Chief Executive Officer, BBC Ventures Group, commented: “I am delighted that the Group is now turning a profit and contributing cash back to the BBC. We have worked hard over the last 18 months to improve our services to our customers and shape the businesses for strong financial performance.”
BBC Ventures Group comprises four businesses: BBC Broadcast, BBC Resources, BBC Technology and BBC Vecta. The Group provides its clients with a full range of media management and distribution services, including capturing audio visual material in an outside broadcast, formatting rich media for mobile and interactive platforms and playing out and branding channels.
The BBC Ventures Group is on track to deliver its share of the £1.1bn in commercial revenues that it and BBC Worldwide and BBC World have been tasked with generating for the BBC Group by end of the financial year 2006/7.
(GB)