TVNZ has recorded net profit after tax of $59.2 million for the 2021 financial year, an improvement of $85 million on the previous year.
Chief executive officer Kevin Kenrick said total advertising revenue was $322.2 million, up $35.9 million on the previous year.
Digital revenues saw 44 per cent year-on-year growth, increasing confidence the migration from broadcast viewing to digital streaming can be financially sustainable.
"The last financial year has been quite remarkable for TVNZ," Kenrick said.
"The scale of audiences combined with strong demand for video advertising has enabled the business to recover from the prior year’s financial challenges much faster than forecast. This positive momentum puts TVNZ in a position to accelerate its digital transformation and reimagine its future in the rapidly changing media market."
Total operating expenses for the year decreased by $67.3 million to $253.3 million. Content costs of $141.8 million reduced 29.6 per cent year-on-year primarily due to Covid-19 impacts, including the release of an onerous provision this year, that was created in FY20 and supply chain restrictions resulting from international content production delays.
On air highlights included the America's Cup, which saw nearly 2.7 million people tune in, with a further 2.4 million live streams.
1 NEWS at Six reached close to a million viewers each evening, and TVNZ OnDemand reaches a million viewers per week, delivering nearly 270 million video streams.
The board has exited an uncalled $30 million share subscription facility negotiated with the Crown in 2020, and as previously announced, repaid the $4.9 million claimed under the Covid-19 wage subsidy.
It has declared a dividend payment of $15 million for the 2021 financial year. It will consider paying an interim dividend in FY22.
TVNZ will pay a one-off $2000 (before tax) bonus to all permanent staff not recognised through an incentive scheme.
“The global pandemic challenged most aspects of our business last year, and I would like to acknowledge and thank our people for their commitment to delivering such an encouraging result,” Kenrick said.
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