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I joined BBC Worldwide in July 2004 at an exciting and challenging time in the evolution of the company, marked by a strategic review of commercial activities as part of the BBC's Charter Review process. This highlighted the need to improve profitability and transparency. The company finished the year in a strong position: its relationship with the BBC both re-affirmed and clarified, profits increased by a record 50% and, with a simpler organisation, well positioned to exploit growth opportunities around the world.
This annual review is designed to give you an insight into the activities and performance of BBC Worldwide over the last year. For the first time, we are providing a more detailed breakdown of financial information as well as explaining the new organisation structure. We have highlighted businesses we intend to exit or joint venture, and those already stopped.
The Commercial Review highlighted the reasons behind the BBC's ownership of BBC Worldwide, and shed clarity on how we should operate: that we should be commercially efficient and bring real value back to the BBC and other rights owners; that all our activities should fit with the BBC's public purposes; that we should promote and protect the BBC brand; and that we should do all of this in a way that does not distort the market.
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