Pre-tax profits at Ulster Television dropped slightly last year to £13.6m despite a 14% increase in turnover to £54m. The fall was mainly due to higher interest costs after a number of acquisitions.
Operating profits rose 4% to £15.1m, with radio profits climbing 23% to £2.5m and internet profits trebling to just under £1m.
Television profits fell from £12.3m to £11.8m. Television advertising revenue rose by 2%, despite a 3.4% fall across the ITV network, but programme costs were much higher. UTV says the Irish marketplace now accounts for more than half of television advertising revenue. It also expects a 10% increase in revenue in the first quarter of 2004.
Radio advertising was up 5.5%. UTV owns Treaty Radio in Limerick, County Media in Cork and Q102, formerly Lite FM, in Dublin, which it said made a 'small loss' in the year. UTV said profits growth in its radio division would be tempered by its intention to continue investing in growth at Q102.
Revenue at UTV's internet business jumped by 80% to £3.6m, helped by the introduction of flat rate internet and broadband products in the Republic.
* UTV chief executive John McCann has told Reuters that a bid for rival SMG is not on the agenda, despite weekened media reports.
