UTV profits up 30%
Multi-media group UTV has announced a 30% hike in operating profit before exceptional items to £12.4m (€18.2) for the six months to the end of June. The corresponding figure last year was £9.6m (€14.1m).
Operating profit at the group's radio operations was £6.3m (€9.3m), up from £1.9m (€2.8m) last year after deducting start-up losses of £1.4m (€2m) at two new radio stations, Talk 107 in Edinburgh and U105 in Belfast. The group said radio advertising in both Ireland and the UK grew by 16% on a like-for-like basis.
Television operating profit was £5.6m (€8.2m), a drop from last year's £7.3m (€10.7m).
There was a rise of €100,000 in the group's new media profits, up from €400,000 last year to €500,000 this year. UTV's new media activities include the provision of broadband services.
Group chief executive John McCann said: "We have…improved operating and pre-tax profits in an advertising market which has been challenging for the industry as a whole.
"A 16% increase in our Irish radio advertising helped lift radio's total share of group turnover to 56% and share of operating profit to 51%. The television advertising marketplace, however, was weak and, despite achieving a record share of 2.76% of ITV1's advertising revenue, our television revenue was down by 6%. New media grew strongly with a 16% improvement in revenue."
