Shed Media's half-year profits up 22%

Shed Media, the UK production firm behind shows such as Waterloo Road and Who Do You Think You Are?, has reported a 22% year-on-year growth in its adjusted pre-tax profit to £6.2m in the first half of 2010.

The firm, in which Time Warner recently acquired a controlling stake, yesterday announced that its revenue was up 27% year-on-year to £59m in the six months to June 30.

Shed's UK production business generated an income of £25.5m, while £26.2m came from its US production operation and £7.3m derived from programme sales.

The company said that it delivered 153 hours of content during the first half of 2010 - 84 to UK broadcasters and 69 to US operators.

It also had a total of 317 hours of programming commissioned up to the end of August, including new James Herriot drama Young James for the BBC.

"The UK broadcast market remains turbulent with significant changes occurring across all the major broadcasters," said Shed Media chairman Heather Rabbatts.

"Against this backdrop, Shed has strengthened its position, building on returning brands, securing new high-profile commissions like Turn Back Time: The High Street (for BBC) and We Built the Titanic (for Channel 4 and National Geographic) and developing talent both on and off-screen.

She added: "The group's distribution company has built upon the group's creative output and ensured greater IP returns and has increasingly won third-party business.

"Shed Media US has continued to mature over this period and become a notable presence with not only the continued success of Supernanny, but now the US version of Who Do You Think You Are?. The group has performed well and I am confident in the outlook for the full year."

Last month, Time Warner subsidiary Warner Bros bought a 55.75% stake in Shed, as part of a deal that valued the company at around £100m. The remaining stake was held by Shed Media's management team and other key staff.