THE TELEVISION CORPORATION (TCP).

Investors Chronicle, July, 2004

84p - television programmes maker - Alright, we know, Television Corporation's track record is appalling. But the mess left behind by the group's previous bosses has been more or less cleaned up. The main thing left to do is find a partner for its capital-intensive outside-broadcast business, Visions, which should wipe out the group's remaining debt. The balance sheet is already in acceptable shape, after a GBP6m equity injection in April. Even without refinancing Visions, net debt may fall from GBP14m to GBP9m in 2004, with interest charges covered six times by profits.

Some of the group's problems were self-inflicted, such as its extraordinary attempt to buy up powerboat racing and sell the sport to broadcasters around the world. Others, such as the...

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