The £4.2 million spent by Ulster Television on a staff restructuring programme has hit the group’s interim profits for the six months to 30 June 1999. Year on year UTV’s pre-tax profits fell from £4.5 million to £2.0 million this time. The company’s restructuring programme included changes remuneration policy, voluntary severance packages and early retirement.
Turnover at the group rose by 2.4% to £18.5 million; television operating profit grew by 53% to £5.4 million. Alongside the financial results, Ulster Television also announced today that its managing director, Desmond Smyth, is retiring on the 1 October; he will be succeeded by John McCann, director and general manager.
Ulster Television: 01232 328 122
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