UTV, owner of the ITV Northern Ireland franchise, reported a year on year rise in pre-tax profit of 12%, to £10.4 million in the first half of 2008.
The Belfast-based group also reported a revenue rise of 8% in the first half of 2008, with a 4% decline in TV ad income offset by solid growth from radio.
However, the group’s TV business saw its operating profits fall 15% year on year to £4.7 million, with a 4% fall in ad revenue for the period, to £18.3 million.
Operating profit in the group’s radio division rose 31% year on year in the first six months, to £9 million, with total revenue up 15% to £36.4 million.
John McCann, group chief executive, UTV Media plc, said: “Good news stories about media companies are rare at the moment, however the group is pleased to announce significant growth in both turnover and pre-tax profits in the first half of 2008. I am particularly pleased to report strong performances in both our radio and new media divisions.
“This is further indication that the group’s decision to diversify away from a pure television offering was indeed the right one. This strategy has been key to protecting the group against the current market volatility and leaves us well placed to take advantage of opportunities arising from an upturn.
“While advertising remains a difficult environment, we expect to markedly outperform our peer group over the next quarter. With a strong management structure and clear strategic vision, we are confident in the group’s ability to deliver robust revenue and profit figures in the face of uncertain macro economic conditions.”
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