Pre-tax profits at the Northern Irish broadcaster are up by 15%, from £9.5m for the same six month period in 2010 to £10.9m for 2011. Operating profit reached £12.8 million, up 4% from 2010 and total group revenue had marginal growth from £58.8m (2010) to £59.1m (2011). Net debt at the UTV Group was reduced by 18% over 12 months to £63.1m.
While UTV had good performance in television, and UK radio revenues were maintained, Irish Radio Revenues were down by 4% from £11.5m to £11m.
However, Television advertising at the broadcaster was “comfortably” ahead of ITV, with advertising revenue up by 4%. Lower operating costs because of no World Cup meant that operating profit in television rose from £1.7m to £3.1m.
Group Chief Executive of UTV Media plc, John McCann said “These are another robust set of results despite the challenging macroeconomic conditions. A 15% uplift in pre-tax profits, an 18% reduction in net debt and a significant increase in dividend all point to good progress being made in positioning the company for the upturn.”
The report was compiled by financial analysts, Maitland. For more information about UTV, visit www.u.tv.
