Media

UTV Media profits fall 10%

Broadcaster’s pre-tax profits fall in 2012 as TV and radio revenues hit by difficult economic conditions

UTV Media’s profits hit by difficult economic conditions in Irish market. Photograph: Ivan Alvarado/Reuters
UTV Media’s profits hit by difficult economic conditions in Irish market. Photograph: Ivan Alvarado/Reuters
Caelainn Barr
Tue Mar 19 2013 - 08:37

Broadcaster UTV Media reported a drop in pre-tax profits in 2012 as tough conditions in the Irish market impacted its TV and radio revenues.

Pre-tax profits dropped 10 per cent, from £23.3 million (€27.2 million) to £21 million, and group revenues fell from £121.6 million to £120.1 million.

However the board recommended a dividend of 5.25 pence per share, a total dividend of 7 pence and a 17 per cent increase on 2011.

UTV Media group chief executive John McCann, said: “We have maintained effective control over costs coupled with strong cash management and continued debt reduction while at the same time maintaining the market leading positions enjoyed by our media assets.

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“We have also continued to invest in the development of our businesses, in particular the establishment of talkSPORT International; concluded the Network Affiliate Agreement with ITV; acquired and integrated Simply Zesty and proceeded with the renewal of the Channel 3 TV licence.”