A STRONG performance in “subdued markets” helped the UTV media group grow pretax profits by 15 per cent to £10.9 million (€12.29 million) in the first half of the year.

UTV, which holds the ITV television franchise in Northern Ireland, increased group operating profit by 4 per cent to £12.8 million in the six months to June.

The group’s business portfolio spans television to radio, new media and a sports magazine in the UK and Ireland. Its television division was the star performer, and more than doubled its operating profit in the first half of the year to £3.1 million. UTV highlighted the fact that its television advertising revenue outperformed the ITV network, which was flat.

Chairman John B McGuckian, said that in the context of the advertising boost UTV received from the World Cup last year and “the drag” from the Dublin advertising market this year – down by 4 per cent – it was a “particularly credible” result.

By contrast operating profits at UTV’s radio and new media division fell slightly to £8.8 million and £0.9 million respectively.

UTV’s British radio division maintained revenue at £25.2 million, although operating profit declined to £5.8 million.

“Revenue at our Irish radio division in the first six months was down by 4 per cent to £11 million. With further cost savings of £0.3 million, our Irish radio operating profit was £0.2 million lower at £3 million,” said Mr McGuckian.

UTV has reduced its net debt by £14.2 million or 18 per cent to £63.1 million.

In light of its “improving financial performance” the group has proposed an interim dividend of 1.5p – up from 1p last year.