Ulster shines among ITV peers

Broadcaster Ulster TV today posted a 45% hike in profits to £6.2m (€9.1m) as it maintained its record of outperforming the rest of the ITV network.

Television advertising revenues soared by 16% during the first half, compared with a 3.8% rise for the whole of ITV.

The group said it was the fifth successive year it had beaten its counterparts - a trend set to continue after confirmation that the performance had continued into the third quarter.

UTV now has a record share of the ITV advertising market of 2.67%.

This summer’s Euro 2004 football tournament boosted television advertising revenues, and helped the division record a 32% hike in operating profits in the six months to June 30.

Television advertising revenues are expected to be 15% higher in October, even though UTV is up against strong comparatives due to last year’s Rugby World Cup.

Chairman John McGuckian said: “The year as a whole, therefore, should record another significant outperformance of our television peer group.”

A 9% hike in revenues at the group’s Cork and Limerick radio stations offset the performance of its recently rebranded Dublin station.

A decline in listenership at the station in 2003 had a negative impact on advertising in the early months of this financial year, while the costs of rebranding it as Q102 also hit profitability.

But the station, previously called Lite FM, is increasing its listenership and UTV said this was starting to have a positive impact on advertising. Overall, radio advertising revenues rose by 4.8% in the first half.

Meanwhile, the roll-out of broadband was behind a 56% surge in new media revenues. Operating profits at the division were the same as last year due to customer acquisition costs and a one-off credit of £140,000 (€205,600) last year.

The interim dividend was increased by 9.8% to 4.5p.