16% fall in group profits at UTV

UTV Media is confident the burgeoning recovery in the Irish advertising market can be sustained this year, ahead of the launch of its new Irish television service.

The Belfast-based media group — which is due to launch its UTV Ireland television channel next year — yesterday reported a 16% fall in group profits and a 4% revenue decline in its annual results; but a positive outlook for its Irish-based business divisions.

The results showed a contrasting performance in both halves of 2013 (operating profit falling by 36% in the first, but rising by 10% in the second), but management said that the tough trading conditions seen early last year settled as advertising markets started responding to the improving economic climate.