UTV Media profits fall 10%

Broadcaster’s pre-tax profits fall in 2012 as TV and radio revenues hit by difficult economic conditions

UTV Media’s profits hit by difficult economic conditions in Irish market. Photograph: Ivan Alvarado/Reuters

UTV Media’s profits hit by difficult economic conditions in Irish market. Photograph: Ivan Alvarado/Reuters

 

Broadcaster UTV Media reported a drop in pre-tax profits in 2012 as tough conditions in the Irish market impacted its TV and radio revenues.

Pre-tax profits dropped 10 per cent, from £23.3 million (€27.2 million) to £21 million, and group revenues fell from £121.6 million to £120.1 million.

However the board recommended a dividend of 5.25 pence per share, a total dividend of 7 pence and a 17 per cent increase on 2011.

UTV Media group chief executive John McCann, said: “We have maintained effective control over costs coupled with strong cash management and continued debt reduction while at the same time maintaining the market leading positions enjoyed by our media assets.

“We have also continued to invest in the development of our businesses, in particular the establishment of talkSPORT International; concluded the Network Affiliate Agreement with ITV; acquired and integrated Simply Zesty and proceeded with the renewal of the Channel 3 TV licence.”