UTV has announced that its revenue was up 22% for 2006, at £113.6 million, whilst its operating profit was up 6% at £27.4 million before charging start-up losses of £2.6 million for new radio stations in Belfast and Edinburgh.
The company’s operating profit was up 52% at £114.6 million, from £25.8 million in 2005, before the start-up losses of the Edinburgh and Belfast radio stations.
Television operating profit was down 24% at £11.7 million, whilst new media operating profit was up 31% at £1.1 million.
UTV’s television advertising revenue reduced by 9%, with the group saying that this outperformed the ITV network which reduced by 12%.
Radio advertising revenue in Great Britain grew by 6% on a like for like basis whilst in Ireland it grew by 12% on a like for like basis. In addition, new media revenues grew by 17%.
John McCann, group chief executive of UTV, said: “Our strategy of developing media interests outside our TV business through the acquisition of radio assets in both GB and Ireland has resulted in our radio divisions’ contributing the larger proportion of the Group’s revenue and operating profit for the first time.
“Our strong regional TV advertising performance has once again resulted in an outperformance when compared to ITV1. We have had a positive start to 2007 and I remain confident of our ability to continue to outperform against a backdrop of difficult trading conditions in the GB advertising market.”
At the start of March SMG, which recently appointed two non-executive director, called off merger talks with UTV (see SMG Appoints Non-Executive Directors).
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