Multi-media group, Ulster TV (UTV), has announced an increase of 28% in profits for 2004, with Group turnover revealed to be up 18% at £63.5 million, compared to £54.0 million in 2003.
The Company’s television operating profit was reported to be up, adding 29% year on year, to reach £15.2 million. Radio and New Media operating profit remained constant with 2003 figures, making £2.5 million and £0.9 million respectively.
The Group reported a dramatic 46% increase in internet revenue during 2004, along with a 8% rise in radio advertising. Television advertising performed in line with previous predictions, growing by 16% (see Ulster TV Revenue Set To Grow By 16%).
Commenting on the results, John McGuckian, chairman of UTV said: “I am pleased to report a year of outstanding achievement for UTV in all three areas of our business. Our unique market offering ensures the continuation of impressive growth in TV, radio and new media.”
He continued: “The successful relaunch of Q102 in Dublin combined with strong performances from our radio stations in Cork and Limerick drove our total Irish radio advertising up by 8% to £10.9 million in 2004. Q102 should move into profit this year which would give a significant boost to the overall profits of our radio division.”
Ulster TV is optimistic about the coming year, expecting TV advertising revenues for the first quarter of 2005 to be up 5% and predicting that radio advertising will enjoy a substantial increase of 20%.
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