Channel 4 has delivered its best ever results in its latest annual report as it continues to face a battle over its future.
Earlier this year, culture secretary Nadine Dorries confirmed plans to press ahead with privatisation of the broadcaster, despite more than 95% of respondents to a public consultation voicing their opposition to the proposals.
Channel 4 holds a unique position in the UK broadcasting landscape, being publicly owned but being entirely funded by commercial activity, with any profits being reinvested into programming.
In 2021, C4 reported record revenues of £1.2 billion - a 25% year-on-year increase and an 18% increase from pre-pandemic - while pre-tax profit was £101m, beating the previous record of £74m from 2020.
The broadcaster spent £671m on content in 2021 and says that it is on track to exceed £700m this year - the highest in Channel 4's 40-year history.
C4 chief executive Alex Mahon said: "2021 was an outstanding year of creative excellence, exceptional digital growth and record-breaking financial performance that saw Channel 4 over-deliver on its remit and successfully continue its transformation into a digital-first PSB.
"These results demonstrate that Channel 4's business model delivers dynamic growth, revenue diversification and long-term sustainability.
"Financially, Channel 4 is in the most robust health it has ever been and our results have laid the foundations for ongoing investment, financial success and stability."
Although the current government's position is to proceed with the privatisation of Channel 4, the decision could yet be reversed when a new administration takes over in September.
Neil Wilkes
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