Sharewatch: Digital Radio Success Boosts UBC Share Price
UBC Media, owner of Classic Gold, received a boost yesterday, announcing rising revenues for the year as a result of digital radio investments. The group’s total profit grew by 29.1% to £13.3 million, while revenue from Unique Interactive, UBC’s digital radio software division, rose by 62% (see Digital Radio Helps Boost Revenues At UBC).
The company’s share price soared by 5.45% yesterday to close at 29p as chief executive, Simon Cole,stated: “This is a significant point in the development of the company. The new era is with us now and UBC is earning revenues from digital across all its divisions.”
Elsewhere, ITV remained steady as it announced the resignation of marketing and commercial director, Jim Hytner, who leaves the company to join Barclays bank. Hytner’s departure will be a blow to the broadcaster, which has benefited from a rebranding strategy masterminded by the marketing chief in the run up to the merger of Carlton and Granada (see Hytner Quits ITV After Three Years To Join Barclays).
On the whole media stocks performed well yesterday, with only a handful of companies suffering a loss. The FTSE 100 drifted slightly, closing down 0.1% at 4,502.2 while the FTSE 250 finished up 0.6% at 6,184.4.
The closing prices of media company shares on Monday were:
