UTV reports rocky six months
UTV Media sees its profits – including its radio arm – drop as it rides out the recession, with its overall group turnover down ten per cent to £54.5m year on year.
In terms of radio, the group saw its operating profit drop sixteen per cent to £8.2m from this time last year.
John McCann, Group Chief Executive, UTV Media plc, said: “This has undoubtedly been a challenging six months. However, our results demonstrate the resilience of the business. Over the last six months we have actively sought to reduce costs and reduce our debt.
“Both have been successful and have gone some way to moderate the impact of unprecedented advertising markets. It is difficult to give a detailed outlook because of continuing macroeconomic uncertainty, nonetheless we are expecting the rate of decline in advertising to slow as comparatives ease over the coming months.”