UTV Media publish ‘robust’ preliminary results with £21m pre-tax profits for 2012
UTV Media has reported declining revenues and pre-tax profits for the year ended 31 December, but are still to go ahead with a 17% dividend increase.
The group’s revenues and pre-tax profits over the period were slightly lower than a year earlier at £120.1m and £21m respectively. Comparable figures for 2011 were £121.6m and £23.3m.
Financial highlights of the group’s operations were Eadio GB which reported a 5% increase in profit to £13m and a continued reduction in net debt to £49.4m.
John McCann, group chief executive, UTV Media plc, said: “This is a robust performance in what continues to be a challenging economic environment, especially in Ireland. We have maintained effective control over costs coupled with strong cash management and continued debt reduction while at the same time maintaining the market leading positions enjoyed by our media assets.
“We have also continued to invest in the development of our businesses, in particular the establishment of talkSPORT International; concluded the Network Affiliate Agreement with ITV; acquired and integrated Simply Zesty and proceeded with the renewal of the Channel 3 TV licence.
Reflecting our strong cash generation and our confidence in the future, we have increased the full year dividend by 17% and remain confident that the Group is well placed to maximise opportunities going forward.”