UTV has reported pre-tax profits of £20.3 million in 2008, down from £20.8 in 2007.
Group operating profit remained static at £28.1 million, with radio operating profit up 12% to £18.5 million. There was also an impressive increase in new media operating profits, of 44%, taking the total to £2 million.
However, television operating profits were down by 24% from £10.1 million in 2007 from £7.7 million.
The group added that it anticipated cost savings of £5 million in 2009.
John McCann, UTV group chief executive, said: “These are clearly unprecedented times and the impact on the Irish and UK economies is well documented. The advertising sector is feeling the full force of the downturn and clearly that is an issue we are actively addressing. We moved early to raise capital and reduce debt through the rights issue and have aggressively cut costs throughout the business.
“Consequently we have once again outperformed the broadcasting sector and I believe we have the ability to maintain that outperformance. We are not complacent about the situation, but as a management team we are confident of the operational and financial strength of UTV Media.”
