Avesco sees further 'Millionaire' growth

Avesco, which owns 49 per cent of " Who Wants To Be A Millionaire? ", says it has made a slow start to its financial year but…

Avesco, which owns 49 per cent of " Who Wants To Be A Millionaire?", says it has made a slow start to its financial year but earnings from the hit quiz show were "a long way from maturity".

"Exploitation of the huge global brand based on the phenomenally successful show will drive increases in future profits," chairman Mr John Morton said in a statement today.

"There are still significant opportunities ahead, especially in the area of new media," he said, adding Avesco would keep its 49 per cent in Complete, the company through which it has its Millionairestake.

Avesco was posting full-year results including a 163 per cent rise to £17 million sterling in pre-tax profit in the year to March on turnover up 52 per cent to £103 million.

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Adjusted earnings per share rose 161 per cent to 78.2 pence. The final dividend was set at 8p, making the total dividend 13p, a 30 per cent rise.

Avesco's share price closed at £11.05 yesterday, valuing it at £174 millionand meaning it had outperformed the FTSE media sector by just over 70 per cent so far this year.

PA