Total licence fees grew 10.7% to £143.5 million.

PPL announced a strong set of financial figures at its AGM this morning. Taking place at Kings Place in North London , PPL revealed that:

Total licence fee income grew 10.7% to £143.5 million from £129.6 million the previous year.

Public performance income saw a strong growth of 2% from £48.9 million to £50.1million.

Broadcasting and Online grew by 4.5% from £59.1million to £61.7million.

International revenues grew 47% to £31.7 million.

The cost to revenue ratio fell to 13.6% – the lowest figure this century.

These figures show solid growth in all areas of the company's business following 2009 and the adverse effect of the Copyright Tribunal that year. The 2% growth in Public Performance is noteworthy as it was achieved despite both extremely difficult trading conditions for many of the company's customers and licensees but also because the Order imposed by the 2009 Copyright Tribunal had resulted in three of the company's tariffs being lowered to their 2003 levels thereby reducing the amount of money available for collection.

John Cridland, director-general of the CBI, was the keynote speaker at PPL's AGM.