UTV investors set for windfall

Shareholders in UTV Media are in line for a 17% increase in their annual dividend, despite the Belfast-based broadcasting group suffering a 10% fall in profits for 2012.

UTV yesterday reported on what its management called “a robust performance in what continues to be a challenging economic environment”, for 2012. The group lowered its net debt from £54.7m to £49.4m; but pre-tax profits for the year were also down by 9.87% to £21m and group revenue fell by 1.2% to £120.1m.

Operating profit was down from £26.8m to £23.9m, and diluted adjusted earnings per share fell from 18.96p to 16.92p.