UTV, the multi media group which broadcasts radio and television and provides internet and telephony services, has announced that its operating profit rose by 30% in the first six months to June 30.
UTV’s turnover was up 60% from £35.6 million in 2005 to £57.1 million in H1 2006. Advertising revenues from radio were up 16% compared with a 6% decline in TV. The company’s new media revenue was up 16%.
John McCann, group chief executive, UTV, said: “We have once again outperformed our peer groups in delivering improved operating and pre-tax profits in an advertising market which has been challenging for the industry as a whole. I am particularly pleased with the successful integration of the former Wireless Group where a 16% improvement in like-for-like revenue was recorded against a 3% decline in the market.
“A similar 16% increase in our Irish radio advertising helped lift radio’s total share of group turnover to 56% and share of operating profit to 51%. The television advertising marketplace, however, was weak and, despite achieving a record share of 2.76% of ITV1’s advertising revenue, our television revenue was down by 6%. New media grew strongly with a 16% improvement in revenue.2
He added: “Our outperformance has continued into the second half and, although the advertising environment remains difficult, I am confident that the group will maintain its leading position throughout the rest of the year.”
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