French commercial network TF1 has released its Q3/2020 numbers revealing that its revenues came in better than expected.
TF1’s current operating profit reached €58 million, up 170 per cent and beating consensus meaningfully. This improvement was driven mostly by better programming costs. Numbers were also partially lifted by better revenues. Net profit came in at €39 million.
TF1 was helped by better advertising revenues, up 8 per cent year-on-year. Overall, TF1’s Broadcasting division reported €373 million revenues, up 5 per cent, with broadcasting advertising revenues also up 8 per cent.
However, in a note to clients from Exane/BNPP, the bank said that outlook visibility at TF1 is low and uncertainty high and not helped by the government’s announcement for a further lockdown in France.