Half-year results released by United News & Media this morning, show pre-tax profits falling slightly. For the six months to 30 June 1999 profits fell to £149.5 million, down from £152.9 million for this period last year. The outlook for the full year trading remains satisfactory despite this, says UNM.
Advertising revenues across the group’s broadcast and entertainment divisions were up by 3.2% year on year. UNM operates the Meridian, HTV and Anglia ITV franchises and also holds a 29% stake in Channel 5, which is currently performing above expectations. The loss of the Channel 4 rebate (see C4 Funding Formula To End), however, led to an overall reduction in revenues.
The company announced that it would be increasing its investment in new products and the internet to £31 million in this period. To fund this United will boost its margins in 2000 and 2001.
Clive Horlick, chief executive of United News & Media said: “Trading has been sound with underlying profits up 4.5 per cent. The outlook for the full year remains satisfactory and the integration of CMP is proceeding as planned [see UNM Confirms Possible CMP Sale To VNU]. The increasing investment in new product launches and online services is creating significant value.”.
United News & Media: 0171 921 5000
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