Northern Irish radio and television broadcaster UTV yesterday announced a nine per cent increase in revenue to £84.7m in the nine months to 30 September, thanks in large part to improving economic conditions in the UK and Ireland.
UTV held the radio rights to the 2014 World Cup in Brazil, which helped to boost its radio revenues 15 per cent. The company’s television branch also showed progress, posting a revenue growth of six per cent during the first three quarters. During the final quarter, UTV expects group revenue growth to slow to four per cent.
Numis stock analyst Paul Richards gave UTV a “buy” rating following the company’s interim management statement.
He said the report was in line with expectation and that “a reduction in government television advertising in Northern Ireland and adverse currency movements [were] almost entirely offset by lower interest, tax and minority charges”.
“We continue to view UTV Ireland, [a new mainstream TV channel in Ireland], which is on track to launch next year, as a transforming opportunity for the group.”