BBC's £389m surplus as 959 jobs are cut.

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The BBC’s Annual Report revealed a group surplus of £389m for the year to the end of March 2012, as the company seeks to build a “strong financial foundation”.

The report, released today, showed that nearly a quarter of the group’s surplus came from the £95m sale of BBC Worldwide Magazines.

The extra money was needed, according to chief financial officer Zarin Patel, for operating costs on covering events such as the Diamond Jubilee and the Olympics.

Efficiency savings of £499m were seen overall, with spending reduced on UK services BBC One, BBC News Channel, BBC Radio 4 and 5 and BBC Online.

Meanwhile, the Guardian reports that BBC Worldwide’s pre-tax profits fell by almost 50 per cent to £104m – reflecting the sale of the magazines division – but revenues remained above £1bn for the fourth year in a row.

There were 959 jobs lost at the BBC over the year, meaning staff numbers now stand at 21,940.

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