United News & Media, which owns the Express newspapers and three ITV franchises: Meridian, Anglia and HTV, has announced headline revenues today in its preliminary results for 1998, of £2,006 million, an increase of 9.7 from last year. Headline pre-tax profits increased by 1.1% to £290.2 million, and headline earnings per share were up 1.2% to 41.6p.
UNM demerged from the money and securities broker Garban in 1998 (see Newsline), and this has had a siginificant impact on the group’s profit and loss account. Advertising revenues for its ITV franchises recorded solid growth, and Channel 5’s audience share increased to nearly 5%. The group has a stake in SDN, which recently announced a pay-per-view venture with ONdigital (see Newsline).
Its titles The Express and The Sunday Express both sustained losses in readership according to the latest NRS figures, and circulation was also down year on year for the two titles.
UNM’s chief executive, Clive Hollick, commented: “1999 is off to a bright start with a good performance in a number of our businesses and the overall outlook for the year in line with our expectations. United’s strong financial position gives us the resources to pursue attractive acquisition and consolidation opportunities. We will continue to focus on high growth markets and to invest heavily in our businesses in order to achieve our medium-term aim of double-digit revenue growth.”
United News & Media: 0171 921 5000
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