Record profit for UTV Media in 2010
UTV has announced record profits for 2010, with group revenue growing by 7% to £120.2 million, alongside an operation profit for 2010 of £25.9 million, a growth of 8%.
Announcing its financial details for last year, John McCann, group chief executive for UTV Media, said that he was ‘pleased’ with the results despite operating a ‘difficult economic environment’.
The results have shown strong delivery to both radio and television advertising markets, strengthened by the company’s World Cup and Premier League Content.
The overall net debt was reduced by £17 million to £71.5 million, recording a reduction of 34% in the last two years.
“With strong audiences across our platforms and significantly reduced debt we remain confident that we are well placed to meet market challenges and opportunities over the coming year,” added McCann.