UTV Media plc Interim Results for the six months ended 30 June 2011

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UTV Media plc
(“UTV” or “the Company” or “the Group”)
Interim Results
for the six months ended 30 June 2011

Financial highlights on continuing operations *

  • Pre-tax profits up by 15% to £10.9m (2010: £9.5m)
  • Group operating profit up by 4% to £12.8m (2010: £12.3m)
  • £14.2 m (18%) reduction in net debt over 12 months to £63.1m (2010: £77.3m)
  • Group revenue maintained at £59.1m (2010: £58.8m) post World Cup
  • Net finance costs down 32% to £1.8m (2010: £2.7m)
  • Diluted adjusted earnings per share up by 16% to 8.64p (2010: 7.44p)
  • Proposed interim dividend of 1.5p (2010: 1.00p)

Operational highlights and prospects *

  • Strong market outperformance across both Radio and Television
  • Revenues maintained in GB Radio despite the tough comparatives of the 2010 World Cup
  • Irish Radio Revenues down by 4% in difficult market conditions with an associated profit decline of £0.2m in the first six months
  • Television advertising revenue up by 4% compared to the ITV Network which was flat
  • Total operating costs largely unchanged from last year with increased GB Radio content costs offset by reduced World Cup and overhead costs
  • Continued significant debt reduction created by strong cash management, with 2.0 times Net Debt:EBITDA anticipated by year end
  • Third quarter advertising revenue compared to the same period last year is anticipated to increase by 3 %

* As appropriate, references to profit include associate income but exclude exceptional items

John McCann, Group Chief Executive, UTV Media plc, said: “These are another robust set of results despite the challenging macroeconomic conditions.  A 15% uplift in pre-tax profits, an 18% reduction in net debt and a significant increase in dividend all point to good progress being made in positioning the company for the upturn.”

For further information contact:
Maitland        +44 (0) 20 7379 5151
Rowan Brown

UTV Media plc
John McCann   Group Chief Executive  +44 (0) 28 9026 2202
Norman McKeown  Group Finance Director  +44 (0) 28 9026 2098
Orla McKibbin  Head of Communications  +44 (0) 28 9026 2188

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