UTV reports record pre-tax profits for 2011

UTV Media PLC has reported record pre-tax profits of £23.3m (€28m) for 2011, a rise of 10% on the previous year.

In preliminary results announced today the company said revenue was up by 2% to £121.6m (€146.2m), while operating profit rose by 3% to £26.8m (€32.2m).

"I'm very pleased with the company's performance against what has remained a testing economic background,” said Chief Executive John McCann.

“We remain committed to our strategy of delivering value through the development of a diversified portfolio of leading media assets.

“I am confident this foundation will see the business continue to perform into 2012."

The company has proposed a final dividend of 4.50p, resulting in a full year dividend up by 50% to 6.00p.

UTV said the trading environment experienced by its Irish Ireland radio businesses “was again extremely difficult due to macro-economic conditions”.

Operating profit fell by 8% to £6.4m (€7.7m) “but this result has significantly out-performed the Irish radio market”, the company said.

UTV owns Dublin's FM104 and Q102, Cork's 96FM and C013, Limerick's Live 95FM and LMFM.