Revenues jump 46% at UTV as it considers TV3 bid

by Staff

March 13, 2006

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Revenues jump 46% at UTV as it considers TV3 bid

LONDON - UTV, which has been identified as one of the potential bidders for a stake in TV3, has reported pre-tax profit up almost 20% and turnover up by 46% on the back of its takeover of TalkSport owner The Wireless Group last year.

Pre-tax profit before exceptional items were up 19% at £20.8m from £17.5m in 2004.

UTV said that turnover rose 46% at £92.7m from £63.6m in 2004, reflecting the acquisition of The Wireless Group.

UTV said that radio profits in Ireland were up 56% to £3.8m while in Britain they were up £4.8m from 2004's £0.2m loss.

TV advertising revenue was down by 3.8%, which it blamed on a "slightly underperforming ITV network". Radio advertising, however, fared better up 17% in Ireland and 5% in Britain with expectations that this will to 9% in the first quarter of 2006.

John McCann, group chief executive of UTV, said: "Although the UK radio market overall is experiencing adverse trading conditions, our stations are bucking the trend. We are forecasting growth of 9% for the first quarter in 2006 in Great Britain. This compares to an overall decline in the market of 11%. We are expecting a similarly strong performance in our advertising revenues in Ireland, with an increase of 9% in the first quarter."

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