Media group Ulster Television has reported pre-tax profits of just over £8m for the first six months of this year, almost unchanged from the same period last year, but profits in its Irish radio business more than doubled to £1.9m.
Group turnover rose by 17% to £35.8m, while operating profits before exceptional items were up 11% to £9.6m. A 5.6% higher interim dividend of 4.75p has been declared.
UTV chief executive John McCann said its Irish radio business had performed well, with good growth in advertising. He said Dublin station Q102 had doubled its market share and was on target to break even this year.
Underlying advertising revenue in its Republic of Ireland radio stations was up 20%, with a 48% rise at Q102. UTV acquired LMFM in February for £7.5m, and its addition pushed advertising revenue up 36%.
Television advertising revenue was down 3%, hit by the British election and the lack of any major sporting event such as Euro 2004. Like other British commercial stations, UTV benefited from a reduction in licence payments to the regulator.
New media profits fell slightly to £400,000, though revenue jumped by 56% to £3.9m. Two thirds of revenue came from the Republic, but UTV said there were tighter margins and higher costs in its broadband and telephone operations.
UTV incurred exceptional charges of just under £1m in the period, mainly due to restructuring moves at the Wireless Group - owner of British radio station Talksport and 16 local radio stations. UTV acquired the Wireless Group in June.
Shares in UTV were unchanged at €6.60 in Dublin this evening.
