Revenues rise for UTV Radio
Operating profit for UTV's radio division has risen 21 per cent in 2007, and the company has seen an encourgaing start to 2008. National talkSPORT in particular enjoyed a growth of 12 per cent.
Radio accounted for 56 per cent of group revenue in the period too, making radio the biggest earner for the ITV1 franchise holder.
Overall group operating profit is also on the up, having risen five per cent to 26 million pounds. New Media is also up with profit standing at 1.4 million pounds, up 30 per cent from last year.
However, expected losses are expected this year with the launch of talkRADIO on the national multiplex and Central Radio in Preston.
John McCann, group chief executive of UTV Media Group, said: "Our strategy of driving organic earnings growth, which in turn enables continuing investment in key commercial areas, remains core to our success. This coupled with our recently announced acquisitions of Dublin’s leading radio station, FM104, and Tibus, a web services company, will allow us to build further in our core markets.
"UTV’s trading performance for the early part of 2008 is encouraging and our outlook for the year is cautiously optimistic given the current market uncertainty."