UTV reports €14m pre-tax profit

UTV has reported a “resilient” first-half performance, with pre-tax profits of £11.2m (€14.1m) and an over-performing Irish radio portfolio — giving it “a strong platform for growth”.

That profit figure, for the first six months of the year, represented year-on-year growth of 3%. Group revenue was up by 4%, on an annualised basis, to £61.6m; diluted earnings per share grew by 3% to 8.93p and net finance costs were reduced by 12% to £1.6m. The only blot on the figures was a very marginal fall in operating profit from £12.8m to £12.7m.

The Belfast-headquartered broadcasting and new media group has reduced its net debt levels by nearly 50% in the last three years and has proposed an interim dividend for this year of 1.75p — compared to 1.50p for the first half of 2011.