Ulster Television (UTV) continued to outperform the ITV Network in advertising revenue growth during the first half of the year, reporting a 1% rise in airtime revenues, as against ITV’s 5% decline. This pushed UTV’s share of total ITV revenue up to a record 2.4%.
Ulster TV has consistently outperformed its ITV franchise peers for some time now, enjoying a 5% rise in revenues last year, whilst ITV dropped by 1%.
The company today said that whilst ITV airtime revenue experienced difficult market conditions throughout July and August, some improvement is evident in September. In the quarter to 30 September 2003, ITV revenue is expected to be down by about 6% and UTV anticipates that its TV revenue will decrease by just 1%, resulting in a further increase in market share.
October is also looking stronger for ITV with the Rugby World Cup providing some further stimulus. “This improvement is encouraging and engenders cautious optimism for the second half when we would expect to again outperform ITV,” says chairman John B. McGuckian.
Overall group profits at UTV were unchanged year on year at £7.0 million for H1 2003, with a slight decline in TV operating profit mitigated by a rise in radio profits. Revenues at the group’s radio division were up by 4.3% in the period and are expected to rise by 12% in quarter to September.
“We are pleased to report another good set of financial results despite what has been a challenging environment. UTV has continued to outperform the ITV network, reporting improved advertising revenues and a record share of the ITV advertising market.
“Our other businesses have also performed well and our strategy of diversification into radio and new media has further strengthened our position as one of the most successful media groups in Ireland,” said McGuckian.
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