UTV Media plc Preliminary Results for the year ended 31 December 2013

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UTV Media plc
(“UTV” or “the Company” or “the Group”)
Preliminary Results
for the year ended 31 December 2013

Financial highlights on continuing operations*

  • Group revenue of £107.8m (2012: £112.3m) - down 11% in the first half of the year and up 3% in the second half  
  • Pre-tax profits of £16.9m (2012: £20.1m) 
  • Group operating profit of £20.1m (2012: £23.4m) - down 36% in the first half of the year and up 10% in the second half 
  • Net debt £49.1m (2012: £49.4m)
  • Diluted adjusted earnings per share from continuing operations of 14.27p (2012: 16.63p)  
  • Proposed final dividend of 5.25p maintaining full year dividend of 7.00p (2012: 7.00p) 
* As appropriate, references to profit include associate income but exclude discontinued

Operational Highlights

  • Difficult market conditions in the first half of the year with improving macro-economic environment 
  • Strong audience shares across Radio and Television 
  • Cost savings realised from Group restructuring coupled with Simply Zesty reorganisation
  • Radio and television broadcasting focus – divesting of New Media businesses (exceptional charge of £1.2m) 
  • Plans to launch a new television channel in Ireland following agreement with ITV Global Entertainment for the exclusive rights, from January 2015, for ITV Studios programmes in the Republic of Ireland
  • talkSPORT successfully renewed exclusive national audio broadcasting rights for Premier League packages to 2016

Prospect Highlights

  • Continued growth in the first three months of 2014
  • Radio Ireland revenue (local currency) up 9%, Radio GB revenue up 7% and Television revenue up 5% 
  • April is expected to show strong growth as anticipated 
  • Further growth is expected in Radio GB in the second quarter in the run up to the World Cup 
  • Ongoing expansion in talkSPORT International 
  • Irish television licence awarded – station build commencing 
John McCann, Group Chief Executive, UTV Media plc, said: 
“The contrasting performances of the first and second halves of the year are evident in these results, with Group operating profit down 36% in the first half of the year and up 10% in the second half.  The improvement in market conditions continues into the current year, with all of our divisions recording good growth in the first quarter of 2014.”   
Key Dates  
15 May 2014 – Annual General Meeting & Interim Management Statement 
30 May 2014 – Record date for payment of dividends
15 July 2014 – Payment of dividends 
26 August 2014 - Interim Results Announcement
13 November 2014 - Interim Management Statement
For further information contact:
James Devas
UTV Media plc
John McCann, Group Chief Executive
Norman McKeown, Group Finance Director
Orla McKibbin, Head of Communications

For more info download the PDF here

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