Ulster TV has reported a fall in pre-tax profits for the first six months of this year but said advertising revenue in the ITV network for September and October was improving.
Pre-tax profit fell to £4.27 million sterling from £5.7 million for the six months to June 30th, 2003. Profit on ordinary activities before interest and amortisation of goodwill was flat at £7 million. Turnover rose 13.9 per cent to £25.7 million.
Television advertising revenue rose 1 per cent compared with a 5 per cent decline for the ITV network as a whole. Radio like-for-like advertising revenues were up 4.3 per cent.
"ITV advertising is witnessing some improvement in September, and October is also looking stronger. This improvement is encouraging and engenders cautious optimism for the second half when we would expect to again outperform ITV," said chairman Mr John McGuckian.
In the quarter to September 30th, ITV advertising revenue is expected to be down by about 6 per cent whereas Ulster expects its TV advertising revenue to fall by 1 per cent.
October is also looking stronger for ITV with the Rugby World Cup providing some further stimulus.
The company expects its radio advertising revenues to be up by 12 per cent in the quarter to September 30th. Ulster raised its interim dividend 3.8 per cent to 4.10 pence per share.
AFP