Olympics fail to deliver UTV advert boost
UTV Media, owner of talkSport radio, yesterday posted a small rise in pre-tax profits as an expected Olympics advertising boost failed to materialise.
The Belfast-based media group said net advertising revenues from its television division had dropped three per cent over the half year, taking total television revenues down two per cent to £16.9m.
The firm said an anticipated Olympics boost from increased sports-related advertising had failed to provide any “performance enhancing effect” on revenues for the third quarter.
Overall, pre-tax profits increased three per cent to £11.2m, with group revenue up four per cent to £61.6m.
Group chief executive John McCann said: “The group has posted a resilient performance for the first half of 2012, growing both revenues and pre-tax profits in a choppy market.”
The firm was also able to increase its proposed interim dividend by 0.25p to 1.75p after paying down £13.1m of debt, reducing its debt burden by more than a fifth.
UTV Television is part of the ITV network in Northern Ireland.