Pre-tax profits at TVC jump 183% on back of UTV investment

Company’s share in broadcaster increased in value in 6 months to end of September

TVC executive chairman Shane Reihill: ‘We continued to work actively with our core portfolio investments to maximise their value and to evaluate potential new investment opportunities.’ Photograph: Brenda Fitzsimons/The Irish Times

Tue Nov 12 2013 - 11:09

Investment holding company TVC has announced pre-tax profits of €6.8 million for the six months to the end of September, up from €2.4 million in the same period last year.

The company’s gross portfolio return of €8 million was up from just €3.5 million in 2012.

TVC said in a statement that performance had been boosted by the increase in the value of their share in UTV Media, which accounts for 79 per cent of the company's total investments.

Operating expenses, excluding share-based payments, fell by 10 per cent to €890,000.

The company had net assets of €74 million and no debt on September 30th. No new investments were made in the six-month period.