TELEVISION CORP, A Beaten Up Share On The Road To Recovery.

Television Corp at the last 6 month results to June announced the following.

The first six months of the year were again a difficult period for the sectors in which The Television Corporation operates, with the result that the Group overall experienced a slow start to the year. This was compounded by extremely difficult trading conditions at our post-production company Molinare, which made a trading loss of #995,000 during this period. The rest of the Group produced a trading profit of #474,000 in the first six months of 2003. With the continuing decline in the post-production market, the Board took the decision that Molinare should no longer play a part in the Group's strategic plan. I am therefore pleased to announce today that we have concluded a deal to sell Molinare to a newly created company, Molinare Productions Limited for a nominal sum.

So we therefore now have a company going forward into the second half of the year making a trading profit and having sold off its loss making division, and have reduced debt from 17.3 million to 15.8million with further reductions in the pipeline. The company has also taken the opportunity to re-organise its debt structure with the Banks so that not as much debt is repayable short term and instead is repayable and managable over a longer time period.


Highlights for the period were -

Operational headlines * Disposal of loss making subsidiary Molinare * Renewal of long term contracts for Sunset+Vine * Mentorn success in the US with reality series * International sales of Television Corporation owned formats * New long term outside broadcast contracts for Visions * Grand Slam of tennis tournaments for Hawk-Eye.

In His statement the Chairman stated -

Current trading and prospects Trading is still difficult and this is will be a tough year, but the reforms of the Group we have undertaken together with the reorganisation of our finance facilities, put us in a much better position to move forward. In particular, the new opportunities created by our in-house programme development team are encouraging and we are continuing to look at ways to grow our content business in the UK and globally.

I see this company making an excelent recovery as the year goes on, and this as already been reflected in the share price and the TA . A fantastic opportunity to get in at the first stages of recovery.

Please DYOR.

GF.

Mid point @ 87p on 20th October (watch the spread)

today mid @ 57.5p (bid 53p Ask 62p)

how much lower will it go I wonder?

(I bought at 84p for the divi. still holding -ever the optimist)

Jmn

Currently on 16 year low, TCP was written up in the FT this weekend as a possible recovery story. They've just sold their loss making subsidury and appointed Michael Grade as non exec. director.

here's the link, might add a bit of grit to your natural optimism!

http://search.ft.com/search/article.html?id=031128004799&query=television+corp&vsc_appId=totalSearch&state=Form