Sharewatch: Ulster TV Sees Rise Ahead Of Results
Irish ITV franchise, Ulster TV, saw one of the strongest performances last week, rising by 5.99% ahead of interim results published this morning.
The broadcaster announced a group profit increase of 29% for the six months ending 30 June 2004 and predicted a continuing increase for the rest of the year. John B McGuckian, chairman of Ulster TV, stated: “The excellent television advertising revenue performance of the first half has continued into the third quarter, which is expected to record growth of 14%, well ahead of the anticipated increase for the ITV market of 4%.”
Elsewhere, Capital Radio saw a substantial increase of 7.23% week on week, closing at 430p ahead of formal confirmation over the weekend that the broadcaster is in advanced merger talks with rival radio group, GWR. Speculation has surrounded the two companies in recent months, with estimates giving a combined radio group business worth £700 million (see Capital And GWR Confirm £700 Million Merger Talks).
Telecommunications group Cable & Wireless was one of the few media stocks to dip last week, losing 5.73% despite the company announcing plans to roll out high-speed internet services at least four times as fast as rivals such as British Telecom and Telewest (see C&W Rivals BT With Four Times Faster Broadband Offering).
The closing prices of media company shares on Friday were:
