The BBC’s commercial arm could spend over £400m on acquisitions and new ventures, it said on Thursday, as it signalled the beginning of a five-year plan to double profits and boost online revenues.

John Smith, chief executive of BBC Worldwide, unveiled a 24 per cent rise in pre-tax profits for the year to March 31, up from £89.4m to £111m. This marks a three-fold increase in profits since he launched a strategic review of the business in 2004.