Bulgarian television broadcaster Diema Vision's strong growth has helped boost the Eastern European business of Apace Media, the British media group has said.

Diema Vision's parent company Balkan Media Group Limited (BMGL) is a joint venture between Apace Media Group UK and the international entertainment-broadcasting group Modern Times Group (MTG), based in Sweden. Its four channels in Bulgaria are Diema, Diema 2, Diema Family and MM TV, all distributed via cable with more than three quarters of the country covered.

"After the [acquisition] transaction reflected in the 2007 year end financial statements, Balkan Media Group Limited (BMGL) is now reported as an associate in our financial statements," Apace said in a filing to the London Stock Exchange, where it is listed, on September 30.

In the first six months of the year, Apace's share of BMGL's results was a 385 000 pounds (487 400 euro) profit, compared to a 450 000 pounds loss on a comparable basis in 2007.

"This turnaround, as reported in our March trading update, is primarily due to a higher than expected audience share for the Diema channels in Bulgaria and a resulting increase in the advertising revenues of the channel. Our advertising revenues in the first half of 2008 are, excluding the effect of Euro 2008, more than four times greater than in the first half of 2007," Apace said.

Diema Vision, which has a strong emphasis on sports and holds the broadcasting rights to a number of European football leagues and other sports competitions, was also picked by Uefa to broadcast the European championship football finals in June.

"This increase in advertising revenues is very pleasing even though the channels are obviously starting from a low base of advertising revenues in the first half of 2007," Apace said.

The audience figures for BMGL, which also owns TV Era in Macedonia, was nine percent in the 18-49 demographic group, compared to six per cent in the same period of 2007.