UTV profits fall to £18.1m

ADVERTISING revenue at UTV’s Irish radio operations fell by 16% last year, but the group’s business here maintained overall annual revenue levels at £24.8 million (€27.5m).

On a group-wide basis, the Belfast-headquartered broadcasting giant saw pre-tax profits fall from £20.7m to £18.1m, last year, with group revenue falling by 6% to £112.1m. Earnings per share fell from 14.26p to 12.32p. The full year dividend for shareholders is set to be 2p per share; down from the 5.30p paid out in 2008.

Two positive figures were the £6m in annualised cost savings generated and an 18% reduction in the group’s net debt – from £107.6m to £88.5m.