UTV Media plc preliminary results for the year ended December 2011

Radio, Television, New Media and Publishing company UTV Media plc has announced preliminary results for the year ended December 31, 2011.

Highlights

  • Record pre-tax profits –  up by 10% to £23.3m (2010: £21.3m)
  • Group revenue up by 2% to £121.6m (2010: £118.9m)
  • Revenue growth of 6% in Radio GB
  • Irish Radio Revenues down by 4%
  • Television revenue up by 1% with net advertising revenue in line with the ITV Network
  • Group operating profit up by 3% to £26.8m (2010: £26.1m)
  • 23% or £16.8m reduction in net debt over 12 months to £54.7m (2010: £71.5m)
  • Net debt reduced by 49% over the last 3 years, a reduction of £52.9m
  • Net finance costs down by 26% to £3.5m (2010: £4.7m)
  • Impairment charge of £45.0m recognised on Republic of Ireland intangible assets with £19.0m due to higher Republic of Ireland sovereign debt risk
  • Pension deficit of £8.6m (2010: £6.8m) despite significant movement in discount rate (2011: 4.80% versus 2010: 5.40%)
  • Diluted adjusted earnings per share from continuing operations up by 12% to 18.96p (2010: 16.93p)
  • Proposed final dividend of 4.50p (2010: 3.00p) resulting in a full year dividend up by 50% to 6.00p (2010: 4.00p)

John McCann, Group Chief Executive, UTV Media plc, said, “I’m very pleased with the company’s performance against what has remained a testing economic background. The strength of these numbers firmly reflects UTV’s commitment to deliver innovative programming across platforms, driving audience share while at the same time effectively managing costs within the business and paying down our debt facilities. 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.”

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UK, Belfast

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