UTV posted a slight increase in half-year profits today and and bucked the gloomy outlook in TV advertising.
For the six months to June 30th, profit on ordinary activities before goodwill and amortisation increased to £7 million sterling - up from £6.9 million.
Group turnover rose by 8.1 per cent to £22.5 million, mainly due to the performance of the TV division which increased advertising revenues by 0.3 per cent despite the weak advertising market.
This figure compares well to an estimated downturn of 5.6 per cent of the total ITV network's advertising.
However, higher television costs dragged down operating profits from £6.8 million to £6 million. But this was offset by improved performance of Internet operations and a full year contribution from the radio division.
The company said in the third quarter it expects to increase advertising revenue by 15 per cent year on year, with growth being achieved in each of its geographic markets.
UTV, which also owns a radio station in Cork, said the radio advertising market in Ireland has mirrored TV, with cutbacks in the budgets of national advertisers being offset by growth in local advertising budgets.