UTV announces 'robust' operating figures with debt reduction of 18%
Media company UTV has announced a slight growth in group revenue to £59.1m, with a rise in operation profit of 4% for the first half of 2011.
The company, which owns, among others, Talk Sport, has grown its group operating profit from £12.3m last year, to £12.8m, while its net debt over the last year has been reduced by £14.2m (18%) to £63.1m.
Revenue from Irish Radio has fallen by 4%, with a profit decline of £200,000, although its television advertising revenue has grown by 4%.
The rise in Great Britain radio content costs have been offset by reduced World Cup and overhead costs at the company, operating costs are said to be ‘largely unchanged’ from last year.
John McCann, group chief executive of UTV Media, said: “These are another robust set of results despite the challenging macroeconomic conditions. A 15% uplift in pre-tax profits, an 18% reduction in net debt and a significant increase in dividend all point to good progress being made in positioning the company for the upturn.”