Record annual profits for UTV

UTV has reported record annual profits of £23.3m (almost €28m), despite taking a significant impairment hit in its Irish division.

The Belfast-based broadcasting and media group — which owns Cork radio stations 96FM and C103 — said its profits for 2011 were up by 10% from the £21.3m generated in 2010.

Operating profit — coming in at £26.8m, 3% up on the previous year — and group revenue, which was up by 2% at £121.6m, were in line with market expectations.