01/04/2003

For the first time in its history, Civilian Content, owner of sales arm, The Works, and parent company of national Lottery franchise, The Film Consortium (TFC), reported profits of £108m (Euros176.182.707m) in 2002, after its dramatic 2001 losses of £1.8m (Euros2.906.976m).
To coincide with its end-of-year statement, the film and TV financing, production and licensing group also announced its purchase of the last 25 per cent minority interest in The Works ( previously held by BBC Worldwide) thus making The Works a wholly-owned Civil Content subsidiary. Both The Works and TFC reported profits for 2002.
Civilian Content’s excellent 2002 results were achieved thanks to drastic cost-cutting measures of 35 per cent on operating costs that fell from over £3m (Euros4.844.961m) to less than £2m (Euros3.262.642m) in 2002, while the gross margin of turnover rose by 22 per cent from 8 per cent in 2001 to last year's 30 per cent.
“I’m delighted to announce this positive outcome of the year,” said Civilian’s managing director Chris Auty. “It’s a tribute to the dedication and focus of the directors and staff that we have been able to significantly improve profitability, cutting costs while increasing the level of activity, both in production and in sales.”
Two changes at the company’s Board level were also announced: David Elstein (former chief executive of Channel 5) has quit as chairman of the group and will be replaced by a longstanding member of the Board: Crispin Barker, and producer Marc Samuelson, a non-executive Board member for the last three years, will also stand down.