The Ten Network has trimmed its losses for the full year but remains deeply in the red as its operational performance continued to deteriorate.

The free to air network lost $168 million in the year to the end of August.

That is a 40 per cent improvement on last year's $284 million loss, but that performance was heavily impacted by restructuring costs.

On operational basis, TEN appears to be going backwards.

Television revenue fell 4.2 per cent and television costs increased seven per cent although TEN chief executive Hamish McLennan said the performance was in line or even slightly ahead of market expectations.

Mr McLennan said cost control remained a focus while ratings were on the rise for the first time since 2011. The improvement began in May this year and he said TEN was the only network to achieve total audience growth and in the 25 to 54 year old category.

The network has focussed attention on 25 to 54 year olds with the development of what it terms “event television content” that includes live sport and reality television.

"The impact of the strategic plan was initially evident with the success of the KFC T20 Big Bash League and the Olympic Winter Games, both of which generated good ratings and revenue for TEN during late 2013 and early 2014," he said.

The company said advertising conditions were tough but predicted marginal growth in metropolitan free to air television advertising in the year ahead.

TEN has been propped up by major shareholders James Packer, Lachlan Murdoch and Bruce Gordon in recent years as ratings and earnings plunged with a revolving door of senior executives.

In December last year, the three guaranteed a four year $200 million bank facility and this year the company paid down a $US150 million private placement facility.

Lachlan Murdoch recently assumed a senior executive role at News Corp and since has stepped aside as TEN chairman, with Mr McLennan assuming the role of executive chairman.

TEN shares dropped 2.6 per cent in early trade to 18.5c in a market that was sharply lower.