UTV pre-tax profits drop

ULSTER TELEVISION profits before tax fell by stg£711,000 in the first six months of the year to £5.7 million on turnover of £22.5m — up 8.1%.

Goodbody Stockbrokers reacted favourably to UTV’s figures and rate the stock a buy with a price target of £4 on the company which owns County Sound Radio in Cork and Live95 FM Limerick.

“UTV reported a good set of interim results this morning, with operating profit of £6.9m, 3% ahead of our expectation, and an adjusted EPS of 9.1p that was 2% higher than our forecast.