UTV Media has reported record pre-tax profits for the year to December 2011, despite the ''testing'' economic environment.
The broadcaster said that pre-tax profits rose by 10% to £23.3m from £21.3m while group revenues increased by 2% to £121.6m from £118.9m.
UTV said that operating profits in its radio division were up slightly at £18.9m while television operating profits rose by 18% to £6.5m. Operating profits at its new media division fell by by £0.4m to £1.5m.
The company has proposed a final dividend of 4.5 pence, which has resulted in a full year dividend of 6 pence, up 50% on the 4 pence in 2010. It also said it has reduced its net debt by 49% over the last three years - a reduction of £52.9m.
UTV said that its Irish radio business experienced an extremely difficult trading environment due to the macro-economic environment. Operating profits at the division fell by 8% to £6.4m but UTV said this result significantly out-performed the Irish radio market. UTV owns Dublin's FM104 and Q102, Cork's 96FM and C013, Limerick's Live 95FM and LMFM in the Louth-Meath area.
It also said that its impairment review had identified a £45m impairment in Radio Ireland's intangible assets. This was due to a downward revision of growth forecasts for the division, the longer than expected recovery of the Irish economy and the sovereign debt risk.
Its GB radio division performed well during the year, the company said, with operating profits up over 6% to £12.4m. UTV said its TalkSport station was boosted by its coverage of major sporting events such as the Rugby World Cup and the rights to broadcast live Premier League football.
UTV said its television business accounted for 24% of operating profit before exceptional items and delivered another good performance. It said the television advertising market maintained its recovery, which UTV said was boosted by successful programming by the ITV network.
Last month, the company's board voted to remove its chairman John McGuckian. A statement said a majority of the directors believed that Mr McGuckian's close association with TVC, an 18% shareholder in UTV, had compromised his independence.
After the decision, three directors - Shane Reihill, Kevin Lagan and Mr McGuckian - resigned from the board. Mr Reihill is executive chairman of TVC.
UTV said that 2012 has started well for the group, despite the prevailing economic uncertainty.
''It is expected that the major sporting events during the summer of 2012, the UEFA Euro Championships and the London Olympics, will have a positive impact in attracting a large volume of both listeners and viewers to our radio and television output, generating an attractive prospect for advertisers,'' commented UTV's interim chairman Helen Kirkpatrick.
