UTV has released its preliminary results for the year ended December 31st 2010 which records a 7% growth in its group revenue to £120.2m from a figure of £112.1m at the end of 2009. Other highlights include a rise in group operating profit of 8% and a record pre-tax profits increase of 17%.
The 8% increase in the group operating profit sees a rise of 8% from £24m in 2009 to £25.9m at the end of last year. Record pre-tax profits saw a growth of 17% where £18.1m at the end of 2009 grew to £21.1m at the end of 2010.
The group has further succeeded in reducing its net debt from £88.5m in December 2009 to £71.5m, a 34% reduction over the last two years. Net finance costs for the company are also down by 19% to £4.7m (2009: £5.8m)
In the area of television output, the television operating profit for the ITV network, of which UTV is a licensee, was maintained at £5.3m. There was, however, weakness in the group’s Irish advertising revenue which resulted in the television advertising revenue underperforming that of the network by 11% in the first half, but this gap was closed in the second half when UTV outperformed the ITV network by 3%. For the year as a whole, the group’s television advertising revenue was up by 11%, helping to lift total television turnover to £36.7m.
UTV’s New Media operating profit was slightly down at £1.9m from 2009’s £2m. Group operating profit in this sector was £1.9m higher than 2009 at £25.9m.
The group has several upcoming key dates including its AGM on May 17th followed by the record date for payment of dividends on May 27th and the date for payment of dividends which is July 15th.
UTV Media PLC’s Group Chief Executive, John McCann, commented on the figures, saying: “I am pleased that despite the difficult economic environment UTV achieved record pre tax profits, pre exceptional items, in 2010. With strong audiences across our platforms and significantly reduced debt we remain confident that we are well placed to meet market challenges and opportunities over the coming year.”
For more information about the group visit www.u.tv
