Published Tuesday, 28 August 2012
UTV Chairman Richard Huntingford and Group Chief Executive John McCann. (© UTV)
The company reduced its net debt by 21% in the last 12 months and over the last three years by nearly 50%, which is a saving of £45.7m.
Group operating profit decreased marginally by £0.1m to £12.7m and net finance costs were down 12% to £1.6m.
The figures come from the latest operating results from the company for the first six months of the year ending June 2012.
Highlights for the company include talkSPORT signing exclusive football broadcasting deals with the Barclays Premier League and the FA Cup, and the acquisition of leading social media agency Simply Zesty.
Richard Huntingford was appointed chairman of the company in July.
Richard joins UTV with a successful 25-year track record at plc Board level in the media industry, both as an Executive and subsequently Non-Executive Director, preceded by twelve years at KPMG plc.
UTV also enjoyed continuing strong audience delivery across both radio and television with a revenue growth of 11% in Radio GB and 4% in local currency in Radio Ireland.
Television net advertising revenue was down 3% compared to the ITV1 Network which was flat, reflecting the current economic environment in Ireland.
John McCann, Group Chief Executive, UTV Media plc, said: "The Group has posted a resilient performance for the first half of 2012, growing both revenues and pre-tax profits in a choppy market.
"It has also seen the business undergo some exciting operational developments, including a new Network Affiliate Agreement with ITV; talkSport securing innovative broadcasting agreements with both the Barclays Premier League and the Football Association; and the acquisition of Simply Zesty, Ireland's leading social media agency.
"The emphasis on adding value right across UTV's media assets, coupled with disciplined balance sheet improvement, provides a strong platform for future growth."