Ulster Television shareholders heard at the company's AGM today that the TV station has continued to outperform the sector, despite the current 'challenges' in the media sector.
During 2002, UTV reported a 4.7% increase in TV advertising revenue compared to a 1% decrease of ITV as a whole. For the third year in a row, it captured a 2.24% stake of the ITV market and also made strong inroads into the radio market in the Republic.
'The last year has continued to be challenging for the whole media sector where the consequences of the extended downturn in advertising revenue have sometimes been severe,' Chairman John B McGuckian said.
The UTV Chairman told shareholders that television advertising was up 2% compared to a 4% decline in ITV as a whole in the first quarter of the year.
However, he warned that the second quarter, where the comparative includes additional revenue from the World Cup last year, will be more difficult with ITV ad revenue likely to be down by about 5%, while UTV sees its revenue down by 1%.
He said the company is seeing good revenue growth in its radio sector and it is expecting revenues to be up by 3-4% on a like for like basis in the first half of the year.
UTV Internet continues to grow strongly and this will be reflected in its profitability in the first half of the year, McGuckian added. It plans to launch further products in the Republic later this month.
