Profits up almost double at UTV Radio
Operating profit in UTV’s GB radio division almost doubled to £8.6m from £4.4m in the first six months of 2014, on revenues which were up by 16% to £38.8m.
talkSPORT contributed to this success thanks to additional advertising around the 2014 FIFA World Cup coverage, with the national station maintaining profitability throughout the 2013/2104 football season.
“After the very strong growth recorded during the World Cup period, revenue increases in our GB radio division have moderated to a forecast 5% growth in the third quarter, with talkSPORT expected to be up by 7% and local radio expected to be marginally higher than in the same quarter last year,” the company announced today.
“Irish radio revenues have also maintained growth in the third quarter with a forecast 6% improvement in local currency being offset by a similar adverse movement in currency exchange,” Chairman Richard Huntingford added.
Across the group, revenue grew 13%, pre-tax profit is up 62% and group operating profit saw a growth of 41%.
The Swansea Sound, Wish FM and Pulse2 owner is getting ready to launch a television station in the Republic, ‘UTV Ireland’, and plans are well underway, according to the latest report. It is anticipated to incur a first year operating loss of £2.0m to £3.0m with profitability expected in the second half of 2015.