Media company UTV, owner of TalkSport, has announced a 10% increase in pre-tax profits, as well as a 3% increase in group operating profit for last year.
The company announced its preliminary financial results for the end of 2011, with pre-tax profits rising to £23.3m and group operating profit reaching £26.8m. The group revenue also rose, by 2%, to £121.6m.
UTV also saw a 49% reduction in its net debt over the last three years, reducing that by £52.9m, and reducing costs by over a quarter (26%) during last year alone, with costs of £3.5m as a result.
An impairment charge of £45m recognised on Republic of Ireland (ROI) intangible assets, with around £19m due to the ROI sovereign debt risk, the company has also revealed.
John McCann, group chief executive for UTV Media, commented: “I’m very pleased with the company’s performance against what has remained a testing economic background. The strength of these numbers firmly reflects UTV’s commitment to deliver innovative programming across platforms, driving audience share while at the same time effectively managing costs within the business and paying down our debt facilities. We remain committed to our strategy of delivering value through the development of a diversified portfolio of leading media assets. I am confident this foundation will see the business continue to perform into 2012.”