Ulster Television has released its preliminary results for the year ending 31 December 2005, revealing a 19% rise in earnings thanks to its acquisition of TalkSport radio.
The company reported pre-tax profit of £20.8 million for 2005 as a whole, up from £17.5 million in 2004. The increase follows UTV’s purchase of TalkSport last June (see
UTV Approves Bid For TWG), as well as its purchase of Irish radio group LMFM.
Turnover at UTV increase by up 46% year on year, reaching £92.72 million. The company remains optimistic for the coming months, with a 9% increase in advertising revenues forecast for its UK radio business in the first quarter of 2006, despite an 11% decline expected for the market as a whole.
Commenting on the results, John McCann, UTV’s chief executive, claimed the company would outperform a weak market for both television and radio advertising, thanks to strength in the Irish economy.
UTV’s television arm is expected to post revenues down by 8% in Q1 2006, with the company citing the continued decline of ITV1 as the main reason for the dip.
However, the prospect of the World Cup and Easter holidays in Q2 see the company in more bullish mood, with the UTV expecting a stronger performance towards the middle of the year.
v The strong results come on the back of a record first half of 2005, with UTV reporting an increase in group turnover of 17% to £35.8 million and a rise in operating profit of 11% to £9.6 million (see Ulster TV Warns Of Advertising Revenue Slip).
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