Northern & Shell's adult channels saw profits dip from £11.5 million to £8.26 million (E10.3m) as its channels faced competiton from so-called 'Babe' channels where FTA programmes encourage premium rate phone calls. The company says it expects Ofcom's forthcoming crackdown on these channels will see revenues recover.

The group also said a flotation of the Portland Media broadcast business, shelved last year, is “not off the table.” Portland expanded during the year with the launch of Pulse, a broadcast venture that airs programming related to video games

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