'Robust' results for UTV

UTV Media reported a "robust" set of results for the first half fo the year, as first-half pre-tax profits on continuing operations rose 15 per cent to £10.9 million (€12.3 million).

Group operating profit rose by 4 per cent in the six-month period, reaching £12.8 million compared with £12.3 million a year earlier. Revenue stayed steady at £59.1 million.

The company said there was strong performance across both television and radio despite the boost from the World Cup that was experienced in 2010.

Revenue in Irish radio fell by 4 per cent as conditions remained tough, leading to a £200,000 decline in profit. The GB radio division maintained revenues. TV advertising revenue rose by 4 per cent, with operating profit more than doubling to £3.1 million.

However, operating profit slipped in both radio and new media.

Net debt was reduced by 18 per cent over 12 months to £63.1 million.

Group chief executive John McCann said the results pointed to good progress in positioning the company for the upturn.

“These are another robust set of results despite the challenging macroeconomic conditions. A 15 per cent uplift in pre-tax profits, an 18 per cent reduction in net debt and a significant increase in dividend all point to good progress being made in positioning the company for the upturn," he said.

The company predicted third quarter advertising revenue would rise by 3 per cent compared to the same period in 2010.