UTV, THE Belfast-based media group, netted record pretax profits last year of £21.1 million (€24.3 million) thanks to a good recovery in television advertising revenue inspired in part by the World Cup.

Latest financial results show the Northern Ireland group grew its overall television revenue by 11 per cent to £36.7 million last year, but a “weakness” in advertising revenue from the Republic of Ireland held it back in the first half of the year.

UTV, which holds the ITV television franchise in the North, has significant radio operations across the UK and Ireland and also operates a new media division.

The Belfast group enjoyed a 7 per cent jump in total group revenue last year to £120.2 million.

John McCann, group chief executive with UTV, said he was pleased with the results despite the “difficult economic environment”. He said UTV had secured strong audiences across all its platforms and reduced its debt by £17 million to £71.5 million.

“We remain confident that we are well placed to meet market challenges and opportunities over the coming year,” he added.

The group expects turnover in the first four months of this year to be up by 2 per cent.

Despite last year’s upbeat overall performance UTV’s 2010 accounts also include a one-off non-cash impairment charge of £35 million relating to local radio. It has been forced under UK accountancy rules to make this adjustment because although its UTV Radio GB division has improved its listenership figures, weak advertising revenues has led to a reduction in the value of the asset and its future prospects.

Despite this, the latest financial results show the radio business was the key driver for the group’s overall growth last year contributing 60 per cent of total turnover and 72 per cent of operating profit. Operating profit from radio jumped to £18.7 million in the last full year compared to £16.7 million in 2009. £11.7 million came from its GB division while its Irish division delivered £7 million – the same as the previous year.

One of the rising stars in UTV’s GB radio stable is talkSPORT which is aimed mainly at male listeners. Operating profits at the London-based station soared by 36 per cent to £6.4 million on a turnover also up by 27 per cent to £28.2 million.

The Belfast media group admitted that the Irish market had been “extremely difficult” for it last year.