UTV Media records 62% profit growth

UTV Media records 62% profit growth

UTV Media has seen pre-tax profits grow by 62% to £10m in the first half of 2014, as the group prepares for the launch of new channel UTV Ireland in January 2015.

The group, which owns UTV, talkSPORT and local radio stations across the UK and Ireland, reported revenues of £57.8m for the first six months to the end of June 2014.That was 13% up on the same period in 2013.Group operating profit grew by 41% to £11.2m from £7.9m in 2013, while debt reduced from £50.7m to £43.5m.The group said strong audience shares in both television and radio coupled with the World Cup helped boost performance and increase advertising revenue.It also said "good progress" was made exiting non-core new media activities in order to focus on the broadcasting side of the business.John McCann, group chief executive of UTV Media, said: "The improving economic conditions in the UK and Ireland, which underpin these strong results, bode well for the launch of our new television channel in January 2015."The group says the development of UTV Ireland, whose line-up will include veteran Irish broadcaster Pat Kenny, is well underway and on plan.It said it expected the Republic of Ireland operation will incur losses of between £2m and £3m in the first year; however it is anticipating a move into profitability in the second half of 2015 for the new television station.

© UTV

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