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UPDATE 1-UTV Media posts higher profit
March 20, 2012 / 8:38 AM / 6 years ago

UPDATE 1-UTV Media posts higher profit

March 20 (Reuters) - Northern Irish broadcaster UTV Media reported a 10 percent rise in its adjusted full-year profit, and said it expected revenue in the first four months of 2012 to be in line with its expectations.

UTV Media, which operates in four main areas -- radio in Great Britain, radio in Ireland, commercial television and new media, said 2011 adjusted pretax profit rose to 23.3 million pounds ($37.03 million) from 21.3 million pounds a year ago.

“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,” the company said.

The firm said its Great Britain radio division revenue was expected to rise 8 percent in the first four months of 2012, but its television division would see revenue fall by 5 percent during the same period.

UTV Media, which owns the popular soccer show TalkSport, proposed a final dividend of 4.50 pence, and said its full-year payout was up by 50 percent to 6 pence.

UTV Media also said there was “good progress” towards the appointment of a new chairman for the firm.

Last month, the company’s board voted to remove John McGuckian as chairman of the company due to his close association with its largest shareholder TVC Holdings, an Ireland-based investment firm.

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