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Ulster T.V. PLC (UTV)

  Print      Mail a friend       Annual reports

Monday 12 September, 2005

Ulster T.V. PLC

Interim Results


Ulster Television plc

('UTV' or 'the Company' or 'the Group')

Interim Results

For the six months ended 30 June 2005

RECORD SALES AND OPERATING PROFIT AT UTV IN FIRST HALF 2005

Ulster Television plc, the media group which owns radio, television and
multimedia assets in Britain and Ireland, announces record results for the six
months to 30 June 2005.

The Group's assets in Ireland include UTV, the channel 3 licensee; six local
radio stations, and UTV internet, which provides telephone and broadband
services.

On 6 June 2005, it acquired The Wireless Group, owner of Talksport, Britain's
national radio sports station and 16 independent local radio stations (ILRs).
These results include The Wireless Group for the period from 6 June to 30 June.

Financial highlights:

  * Group turnover up 17% to £35.8m (2004: £30.5m)
   
  * Operating profit before exceptional items up 11% to £9.6m (2004: £8.6m)
   
  * Group pre-tax profit before exceptionals up 11% to £9.0m (2004: £8.1m)
   
  * Television operating profit maintained at £7.3m (2004: £7.3m)
   
  * Radio operating profit up 150% to £1.9m (2004: £0.8m)
   
  * New Media operating profit of £0.4m (2004: £0.5m)
   
  * Diluted adjusted earnings per share up 12% to 12.05p (2004: 10.77p)
   
  * The Board has declared an interim dividend of 4.75p which represents a 5.6%
    increase over last year
   
Operational highlights:

  * Acquisition of The Wireless Group on 6 June 2005 for £97.0m
   
  * Acquisition of LMFM on 21 February 2005 for £7.5m
   
  * Television advertising revenue down 3% against a strong comparative period
    which included Euro 2004
   
  * Flat fee element of television licence payments reduced to £0.12m from £
    0.61m in 2004
   
  * Radio advertising in Ireland up 36% to £6.5m (2004: £4.8m)
   
  * New Media revenue grew by 56% to £3.9m (2004: £2.5m)
   
John B McGuckian, Chairman, UTV, said:

'I am pleased to announce another strong set of financial results for UTV. UTV
is now a significant player in the UK radio market through the acquisition of
The Wireless Group. Good progress has been made in integrating Talksport and
the 16 local radio stations which we are re-branding as UTV Radio. This
division will also include Juice FM in Liverpool which UTV now owns outright.

'The outlook is promising in radio and in television tight cost control should
help us to overcome a soft advertising market. New Media has had a strong first
half with turnover up by 56% representing significant growth in its customer
base in internet and telephony services.'

John McCann, Group Chief Executive, UTV, said:

'Radio has performed well with operating profit up by 150% and strong
listenership growth in our Republic of Ireland stations. Radio advertising
revenue in Ireland continues to experience good growth and is expected to be
up, on a like-for-like basis, by 13% in the third quarter. Q102, almost doubled
its market share in the competitive Dublin market and is on target to break
even this year. U105, our new station for Belfast and the surrounding area will
launch ahead of schedule in November 2005.

'Cost synergies of £1.5m will be fully delivered on UTV Radio in Great Britain
in 2006. Talksport is performing very well and should achieve revenue growth of
about 7% in the third quarter. Overall revenue in that quarter at UTV Radio GB
should be up by approximately 3%. We expect to see further significant
improvement in revenue performance in our local radio sales with the
integration of our national advertising for those stations into a new joint
venture sales house (FRS) with The Local Radio Company. FRS will now represent
113 stations throughout the UK making it a compelling proposition for national
advertisers. Our new radio station in Edinburgh `allTALK 107' will go on air in
February 2006.

'Operating profit for television remained flat largely as a result of a weaker
advertising market compared to 2004. This was due to a significant reduction in
Government expenditure during the general election campaign and the absence of
two revenue drives Euro 2004 and Easter, which had been in the comparative
quarter. We expect advertising revenue in the third quarter to be down by 2%.
With regard to the remainder of the year, television advertising is expected to
be down on last year, but we will continue to closely control costs and the
reduction in licence fee will help to offset any revenue reduction.

'Broadband and telephony continue to drive strong revenue growth in new media
which is expected to be up 60% in the third quarter.'

Key dates:

● 23 September 2005: record date for payment of dividends

● 17 October 2005: payment of dividends

For further information contact:

Powerscourt                            +44 20 7236 5615                      
                                                                             
Rory Godson                            +44 7909 926 020                      
                                                                             
Anthony Silverman                      +44 7818 036 579                      
                                                                             
Ulster Television plc                                                        
                                                                             
John McCann, Group Chief Executive     +44 28 9026 2202                      
                                                                             
Jim Downey, Group Finance Director     +44 28 9026 2176                      
                                                                             
Orla McKibbin, Head of Press and PR    +44 28 9026 2188                      

Chairman's Statement

1 Introduction

Laying the foundations for future growth remains at the heart of our strategy
and, in the first six months of 2005, your company consolidated further its
leading position in independent local radio in Ireland through the acquisition
of LMFM, achieved a reduction in its television licence payments, expanded its
customer base in internet and telephony services and established itself as a
significant player in the UK radio market through the acquisition of the
Wireless Group and the winning of the new radio licence for Belfast and the
surrounding area. The strong growth in Irish radio advertising revenue in the
first three months continued into the second quarter and helped to offset the
difficult trading conditions in the television advertising marketplace in the
latter quarter.

2 Results and Dividend

Operating profit before exceptional items was up by 11% to £9.6m (2004 : £8.6m)
with radio operating profit more than doubling to £1.9m (2004 : £0.8m).
Television operating profit was maintained at £7.3m (2004 : £7.3m) while new
media operating profit was lower at £0.4m (2004 : £0.5m). With a net interest
charge of £0.5m (2004 : £0.5m), group profit before exceptional items and
taxation was up by 11% to £9.0m (2004 : £8.1m). After exceptional items of £
0.9m (2004: £Nil) and taxation of £2.1m (2004 : £2.2m), profits attributable to
shareholders were £6.0m (2004 : £5.9m). Fully diluted earnings per share before
exceptional items were 12% up at 12.05p (2004: 10.77p).

Your Board has declared an interim dividend of 4.75p which represents a 5.6%
increase over last year. The dividend will be paid on 17 October 2005 to all
shareholders on the Register at the close of business on 23 September 2005.

3 Television

Television advertising revenue was down 3% in the first half compared to the
same period in 2004, which was in line with the ITV network.

As forecast, we had a 5% improvement in the first 3 months but this was more
than offset by an 11% decrease in the second quarter. The UK advertising market
was generally weak in that quarter because of a significant reduction in
Government expenditure during the General Election campaign and the absence of
two revenue drivers, Euro 2004 and Easter, which had been in the comparative
quarter. During the period, we applied for a review of the financial terms of
our television licence and on 29 June 2005 Ofcom offered, and we accepted, new
licence terms effective from 1 January 2005. Those new licence terms encompass
an unchanged variable payment of 5% of our qualifying revenue and a reduction
in the flat fee element from £0.61m in 2004 to £0.12m in 2005. This reduction
in our licence fee, coupled with stringent cost control helped to maintain
first-half television operating profit at the same level as in last year.

4 Radio

This division developed rapidly during the first six months of 2005.
Advertising revenue on a like-for-like basis in our Irish radio stations
increased by 20%, with our Dublin radio station Q102 recording a 48% increase
in revenue. The purchase of LMFM on 21 February 2005 for £7.5m (including
costs) further enhanced our marketing proposition for advertisers, adding the
key urban areas of Dundalk and Drogheda. Overall, radio advertising revenue in
Ireland was up by 36%, boosting radio operating profits there to £1.9m (2004 :
£ 0.9m). The Wireless Group which we acquired on 6 June 2005 for £97.0m
(including costs) contributed £0.1m of operating profit. In the 6 months to 30
June 2005, the Wireless Group turnover was down by 1% to £19.7m. Losses in
AR-UK, our radio joint venture, were £0.1m (2004: £0.1m).

5 New Media

As expected, our growth strategy for this division brought significant revenue
improvement with turnover up by 56% to £3.9m (2004 : £2.5m). Approximately two
thirds of total revenue derived from the Republic of Ireland. Broadband and
telephony continued to be the key drivers of revenue growth but with tighter
margins and acquisition costs on these products, operating profits were down by
£0.1m to £0.4m (2004: £0.5m).

6 Prospects

Our television advertising revenue for the year to date has been characterised
by variability. Good growth in the first quarter was followed by a sharp
reduction in the second quarter. July and August saw a return to growth but
September is likely to experience a decrease which would leave the third
quarter down by 2% over the same period last year. This underperformance may
well continue into the fourth quarter.

Television advertising revenue for the year, therefore, is expected to be down
on last year, but continuing cost control and the reduction in the licence fee
will help to mitigate any revenue reduction.

Radio advertising revenue in Ireland continues to experience good growth and is
expected to be up, on a like-for-like basis, by 13% in the third quarter. The
Joint National Listenership Research data, JNLR, published on 25 August 2005
showed strong performances from our Irish radio stations and confirmed the
continuing recovery of our Dublin station, Q102, which almost doubled its
market share and is on target to break even in the current year. Excellent
progress has been made in our preparations for our new radio stations U105 in
the greater Belfast area and Talk 107 in Edinburgh. The latter will go on air
on 14 February 2006 and we have brought forward the launch date of U105 to 14
November 2005.

Good progress has also been made in integrating the Wireless Group. We had
identified cost synergies of £1.5m p.a. and these will be fully delivered in
2006. Talksport continues to achieve good revenue growth and in the quarter to
30 September 2005 should be up by approximately 7%. Revenue at the local radio
stations is expected to be slightly down in that quarter but we already are
taking steps to improve future performance through the creation of a joint
venture sales house with The Local Radio Company. The integration of national
advertising for our local radio stations with that of The Local Radio Company's
stations should significantly improve revenue performance in the months ahead.
Overall, revenue at the Wireless Group is expected to be up by about 3% in the
third quarter compared to the same period last year. On 8 September 2005, we
wholly acquired Juice FM in Liverpool through payment of £2.1m for the 67%
balance of shares.

Broadband and telephony continue to drive strong revenue growth in new media
which is expected to be up by 60% in the third quarter. Although further
acquisition costs will be incurred, stronger profit growth should be achievable
in the second half.

Group Income Statement
for the six months ended 30 June 2005

                                      Notes            Unaudited         Revised
                                                        30 June      31 December
                                                                                
                                          1        2005        2004         2004
                                                   £000        £000         £000
                                                                                
Revenue                                   2      35,768      30,481       63,632
                                            ----------- -----------  -----------
Operating profit on ordinary              2       9,551       8,596       18,427
activities beforetax and finance                                                
costs                                       
                                            ----------- -----------  -----------
Exceptional costs                         3       (939)           -            -
                                            ----------- -----------  -----------
                                                                                
Profit from continuing operations                 8,612       8,596       18,427
beforetax and finance costs                                                     
                                                                                
Finance income                                       69          67          147
                                                                                
Finance costs                                     (607)       (529)      (1,047)
                                                                                
Income from associates                               10           -            -
                                            ----------- -----------  -----------
Profit before tax                                 8,084       8,134       17,527
                                                                                
Taxation                                        (2,125)     (2,250)      (4,937)
                                            ----------- -----------  -----------
Profit for period                                 5,959       5,884       12,590
                                            ----------- -----------  -----------
                                                                                
Attributable to:                                                                
                                                                                
Equity holders of the parent                      5,959       5,884       12,590
                                                                                
Minority interests                                    -           -            -
                                            ----------- -----------  -----------
                                                                                
                                                  5,959       5,884       12,590
                                            ----------- -----------  -----------

Earnings per share                                                              
                                                                                
Diluted                                   5      10.85p      10.77p       23.01p
                                                                                
Basic                                     5      10.97p      10.98p       23.36p
                                                                                
Adjusted                                  5      12.18p      10.98p       23.36p
                                                                                
Diluted adjusted                          5      12.05p      10.77p       23.01p
                                            ----------- -----------  -----------

                                                   £000        £000         £000
                                                                                
Dividends                                                                       
                                                                                
Declared and paid during the period       4       3,803       3,156        5,596
                                            ----------- -----------  -----------
                                                                                
EBITDA (before exceptional costs)                10,297       9,336       19,911
                                            ----------- -----------  -----------


Group Statement of Recognised Income and Expense
for the six months ended 30 June 2005

                                      Notes           Unaudited          Revised
                                                       30 June       31 December
                                                                                
                                          1        2005        2004         2004
                                                   £000        £000         £000
                                                                                
Exchange difference on                          (3,041)     (2,583)           16
subsidiaries                                                                    
                                                                                
Exchange difference on loans                      1,662       1,605          223
hedging net investment in                                                       
subsidiaries                                                                    
                                                                                
Actuarial gains/(losses) on                     (1,210)         121          909
defined benefit pension schemes                                                 
                                                                                
Tax on items taken directly to                      363        (36)        (272)
equity                                                                          
                                            ----------- -----------  -----------
                                                                                
Net income recognised directly to               (2,226)       (893)          876
equity                                                                          
                                                                                
Profit for the period                             5,959       5,884       12,590
                                            ----------- -----------  -----------
                                                                                
Total recognised income and                       3,733       4,991       13,446
expense                                                                         
                                            ----------- -----------  -----------
                                                                                
Attributable to:                                                                
                                                                                
Equity holders of the parent                      3,733       4,991       13,446
                                                                                
Minority interests                                    -           -            -
                                            ----------- -----------  -----------
                                                                                
                                                  3,733       4,991       13,446
                                            ----------- -----------  -----------

Group Balance Sheet
at 30 June 2005

                                      Notes            Unaudited         Revised
                                                        30 June      31 December
                                                                                
                                          1        2005        2004         2004
                                                   £000        £000         £000
                                                                                
ASSETS                                                                          
                                                                                
Non-current assets                                                              
                                                                                
Property, plant and equipment                    10,552       8,978        8,908
                                                                                
Intangible assets                               195,320      46,545       48,827
                                                                                
Investments in associates accounted                                             
                                                                                
for under the equity method                         225           -            -
                                                                                
Deferred tax assets                               4,050       2,375        2,139
                                            ----------- -----------  -----------
                                                                                
                                                210,147      57,898       59,874
                                            ----------- -----------  -----------
                                                                                
Current assets                                                                  
                                                                                
Inventories                                       5,107       3,637        4,773
                                                                                
Trade and other receivables                      21,709      12,138       13,080
                                                                                
Cash and cash equivalents                 6       8,820       5,223        7,707
                                            ----------- -----------  -----------
                                                                                
                                                 35,636      20,998       25,560
                                            ----------- -----------  -----------
                                                                                
TOTAL ASSETS                                    245,783      78,896       85,434
                                            ----------- -----------  -----------
                                                                                
EQUITY AND LIABILITIES                                                          
                                                                                
Equity attributable to equity                                                   
holders of the parent                                                           
                                                                                
Issued capital                                    2,727       2,711        2,711
                                                                                
Share premium                                     4,103       3,873        3,873
                                                                                
Merger reserve                                      993           -            -
                                                                                
Foreign currency reserve                        (1,140)       (978)          239
                                                                                
Profit and loss account                          31,118      24,991       29,809
                                            ----------- -----------  -----------
                                                                                
                                                 37,801      30,597       36,632
                                                                                
Minority Interest                                   (7)         (7)          (7)
                                            ----------- -----------  -----------
                                                                                
Total equity                              7      37,794      30,590       36,625
                                            ----------- -----------  -----------
                                                                                
Non-current liabilities                                                         
                                                                                
Interest bearing loans and                6     121,003      19,382       17,403
borrowings                                                                      
                                                                                
Pension liability                                 8,376       7,892        7,166
                                                                                
Provisions                                            -          20           13
                                                                                
Deferred tax liabilities                         33,647         227          177
                                            ----------- -----------  -----------
                                                                                
                                                163,026      27,521       24,759
                                            ----------- -----------  -----------
                                                                                
Current liabilities                                                             
                                                                                
Trade and other payables                         35,394       9,688       12,490
                                                                                
Current portion of interest bearing       6       7,373       8,643        9,074
loans and borrowings                                                            
                                                                                
Tax payable                                       2,169       2,430        2,459
                                                                                
Provisions                                           27          24           27
                                            ----------- -----------  -----------
                                                                                
Net current liabilities                          44,963      20,785       24,050
                                            ----------- -----------  -----------
                                                                                
TOTAL LIABILITIES                               207,989      48,306       48,809
                                            ----------- -----------  -----------
                                                                                
TOTAL EQUITY AND LIABILITIES                    245,783      78,896       85,434
                                            ----------- -----------  -----------

Group Cash Flow Statement
for the six months ended 30 June 2005

                                                      Unaudited          Revised
                                                       30 June       31 December
                                                                                
                                                   2005        2004         2004
                                      Notes        £000        £000         £000
                                                                                
Net cash inflow from operating                                                  
activities                                                                      
                                                                                
Receipts from customers                          36,982      30,309       62,595
                                                                                
Payments to suppliers and employees            (25,720)    (20,383)     (41,388)
                                                                                
Borrowing costs                                   (588)       (501)      (1,072)
                                                                                
Tax paid                                        (2,437)     (2,097)      (4,703)
                                            ----------- -----------  -----------
                                                                                
Net cash inflow from operating                    8,237       7,328       15,432
activities                                                                      
                                            ----------- -----------  -----------
                                                                                
Cash flows from investing                                                       
activities                                                                      
                                                                                
Proceeds from sale of property,                      23          79           60
plant and equipment                                                             
                                                                                
Interest received                                    69           6          145
                                                                                
Purchase of property, plant and                   (533)       (811)      (1,301)
equipment                                                                       
                                                                                
Acquisition of subsidiaries, net of            (98,994)           -            -
cash acquired                                                                   
                                                                                
Income from associates                               10           -            -
                                            ----------- -----------  -----------
                                                                                
Net cash flows from investing                  (99,425)       (726)      (1,096)
activities                                                                      
                                            ----------- -----------  -----------
                                                                                
Cash flows from financing                                                       
activities                                                                      
                                                                                
Proceeds from exercise of share                     236           -            -
options                                                                         
                                                                                
Repayment of borrowings                        (35,546)     (3,096)      (6,018)
                                                                                
Proceeds from borrowings                        131,581           -            -
                                                                                
Dividends paid to equity holders of             (3,803)     (3,156)      (5,596)
the parent                                                                      
                                            ----------- -----------  -----------
                                                                                
Net cash flows used in financing                 92,468     (6,252)     (11,614)
activities                                                                      
                                            ----------- -----------  -----------
                                                                                
Net increase in cash and cash                     1,280         350        2,722
equivalents                                                                     
                                                                                
Net foreign exchange differences                  (167)       (109)            3
                                                                                
Cash and cash equivalents at 1                    7,707       4,982        4,982
January                                                                         
                                            ----------- -----------  -----------
                                                                                
Cash and cash equivalents                 6       8,820       5,223        7,707
                                            ----------- -----------  -----------

Notes to the Interim Report
at 30 June 2005

1. Basis of preparation

For all periods up to and including the year ended 31 December 2004, the
Company prepared its financial statements in accordance with UK generally
accepted accounting practice (UK GAAP). From 1 January 2005 UTV is required to
prepare consolidated financial statements in accordance with International
Financial Reporting Standards (IFRS) as endorsed by the European Commission
('EC'). Consequently, financial information for the interim period to 30 June
2005 must be prepared on the basis of IFRS.

The general principle that should be applied on first-time adoption of IFRS is
that standards in force at the first reporting date (that is, for UTV, 31
December 2005) should be applied retrospectively. However, IFRS 1 'First-time
Adoption of International Financial Reporting Standards' contains a number of
exemptions which companies are permitted to apply. UTV has elected:

  * not to restate its financial information for acquisitions occurring before
    1 January 2004.
   
  * to deem cumulative translation differences to be zero at 1 January 2004.
   
  * not to apply IFRS 2 to equity instruments which were granted on or before 7
    November 2002.
   
  * to recognise all actuarial gains and losses on pensions and other
    post-retirement benefits directly in shareholders' equity at 1 January
    2004.
   
  * to apply IAS32 and IAS39 prospectively from 1 January 2005 without
    restating the comparative period.
   
As a result of the above exemptions certain changes apply from 1 January 2004
(UTV's Date of Transition) followed by further changes (due to IAS32 and IAS39)
to apply from 1 January 2005. The six month information for 2005, and the
restatement of financial information for the year ended 31 December 2004 and
the six months to 30 June 2004, have been prepared on the basis of the
accounting policies expected to be adopted for the year ended 31 December 2005.
These are based on all International Financial Reporting Standards (IFRSs)
(with the exception of IFRS4, IAS32 and IAS39 (as amended) for the 2004
information) and Standing Interpretations Committee (SIC) and International
Financial Reporting Interpretations Committee (IFRIC) interpretations issued by
the International Accounting Standards Board (IASB) expected to be in effect
for the year ending 31 December 2005. In addition, UTV has decided to early
adopt the amendment to IAS 19 'Amendment to International Accounting Standard
IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and
Disclosures' whereby all actuarial differences are recognised in the Group
Statement of Recognised Income and Expenditure. It is possible that there will
be changes to these standards and interpretations before the end of 2005, which
might require further adjustments to this information before it is included in
the 2005 Annual Report and Accounts.

The principal differences for the Group between reporting on the basis of UK
GAAP and IFRS are:

  * ceasing to amortize goodwill but performing an annual impairment test.
   
  * changes to recognise the pension scheme liability on the group balance
    sheet.
   
  * no longer recognising dividends proposed but not declared as a liability at
    the balance sheet date.
   
  * retranslating the results of foreign subsidiaries at average rate rather
    than closing rate.
   
  * using proportionate consolidation for joint ventures rather than gross
    equity accounting.
   
UTV has produced its accounting policies under IFRS. This information can be
found on the Company's corporate website, www.utvplc.com.

A reconciliation of the group operating profit and overall profit for the 6
months to 30 June 2004 and for the year to 31 December 2004 and shareholders
funds at 31 December 2004 can be found in note 8. A reconciliation of
shareholders funds at 31 December 2003, which creates the opening position for
reporting under IFRS, is shown within the Group Statement of Changes in Equity.

The Company has prepared draft fair value tables for the net assets attained
with its acquisitions during the period. These will be reviewed and, if
necessary, revised prior to the year end.

The interim results are unaudited and do constitute full accounts within the
meaning of Article 262 of the Companies (Northern Ireland) Order 1986. The
auditors have issued an unqualified report on the Company's full accounts for
the year ended 31 December 2004, which are prepared under UK GAAP and have been
filed with the registrar of Companies.

 2. Segmental analysis
   
The Group's primary reporting format is business segments. The operating
businesses are organised and managed separately according to the nature of the
services provided, with each segment representing a strategic business unit
that offers different services and serves different markets.

Turnover represents the amounts derived from the provision of goods and
services which fall within the Group's ordinary activities, stated net of value
added tax. Transfer prices between business segments are set on an arm's length
basis in a manner similar to transactions to third parties.

(a) Business segments

The Group operates in three principal areas of activity - television, radio and
new media - all of which are continuing operations. The following tables
present revenue and profit information and certain asset and liability
information regarding the Group's business segments. The impact on revenue and
profit of the acquisitions in 2005 has been separately disclosed. There were no
acquisitions in 2004.

Revenue

Six months ended 30 June 2005                                                  
                                                                               
                                 Television       Radio   New Media       Total
                                                                               
                                       £000        £000        £000        £000
                                                                               
Continuing operations                22,307       6,201       3,890      32,398
                                                                               
Acquisitions                              -       3,370           -       3,370
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Sales to third parties               22,307       9,571       3,890      35,768
                                                                               
Intersegmental sales                    182          10          30         222
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Total sales                          22,489       9,581       3,920      35,990
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Six months ended 30 June 2004                                                  
                                                                               
                                 Television       Radio   New Media       Total
                                                                               
                                       £000        £000        £000        £000
                                                                               
Sales to third parties               22,975       5,018       2,488      30,481
                                                                               
Intersegmental sales                    147           9          32         188
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Total sales                          23,122       5,027       2,520      30,669
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Year ended 31 December 2004                                                    
                                                                               
                                 Television       Radio   New Media       Total
                                                                               
                                       £000        £000        £000        £000
                                                                               
Sales to third parties               47,464      10,882       5,286      63,632
                                                                               
Intersegmental sales                    421          61          62         544
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Total sales                          47,885      10,943       5,348      64,176
                                                                               
                                ----------- ----------- ----------- -----------

Operating profit

                                 Television       Radio   New Media       Total
                                                                               
                                       £000        £000        £000        £000
                                                                               
Six months ended 30 June 2005                                                  
                                                                               
Continuing operations                 7,295       1,604         372       9,271
                                                                               
Acquisitions                              -         280           -         280
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Total operating profit                7,295       1,884         372       9,551
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Six months ended 30 June 2004         7,312         752         532       8,596
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Year ended 31 December 2004          15,357       2,247         823      18,427
                                                                               
                                ----------- ----------- ----------- -----------
                                                                               
Assets and liabilities                                                         
                                                                               
30 June 2005                                                                   
                                                                               
                                 Television       Radio   New Media       Total
                                                                               
                                       £000        £000        £000        £000
                                                                               
Segment assets                       20,778     209,779       3,904     234,461
                                                                               
Unallocated assets                                                       11,322
                                                                               
                                                                    -----------
                                                                               
Total assets                                                            245,783
                                                                               
                                                                    -----------
                                                                               
Segment liabilities                (18,246)    (49,237)     (1,585)    (69,068)
                                                                               
Unallocated liabilities                                               (138,921)
                                                                               
                                                                    -----------
                                                                               
Total liabilities                                                     (207,989)
                                                                               
                                                                    -----------

Assets and liabilities

30 June 2004                                                                  
                                                                              
                                 Television      Radio   New Media       Total
                                                                              
                                       £000       £000        £000        £000
                                                                              
Segment assets                       18,791     48,982       3,525      71,298
                                                                              
Unallocated assets                                                       7,598
                                                                              
                                                                   -----------
                                                                              
Total assets                                                            78,896
                                                                              
                                                                   -----------
                                                                              
Segment liabilities                 (7,568)    (1,571)       (820)     (9,959)
                                                                              
Unallocated liabilities                                               (38,347)
                                                                              
                                                                   -----------
                                                                              
Total liabilities                                                     (48,306)
                                                                              
                                                                   -----------
                                                                              
31 December 2004                                                              
                                                                              
                                 Television      Radio   New Media       Total
                                                                              
                                       £000       £000        £000        £000
                                                                              
Segment assets                       19,666     52,244       3,678      75,588
                                                                              
Unallocated assets                                                       9,846
                                                                              
                                                                   -----------
                                                                              
Total assets                                                            85,434
                                                                              
                                                                   -----------
                                                                              
Segment liabilities                 (9,788)    (1,956)       (964)    (12,708)
                                                                              
Unallocated liabilities                                               (36,101)
                                                                              
                                                                   -----------
                                                                              
Total liabilities                                                     (48,809)
                                                                              
                                                                   -----------

3. Exceptional Costs

                                                Unaudited             Revised
                                                 30 June          31 December
                                                                               
                                            2005        2004             2004  
                                                                               
                                            £000        £000             £000  
                                                                               
Fundamental restructuring        (i)         266           -                -  
costs - Television                                                             
                                                                               
- The Wireless Group            (ii)         564           -                -  
                                                                               
Bank facility                  (iii)         109           -                -  
                                                                               
                                     ----------- -----------      -----------  
                                                                               
                                             939           -                -  
                                                                               
                                     ----------- -----------      -----------  

 i. During the period, all Channel 3 programme scheduling was centralised in
    London. This fundamental restructuring resulted in the closure of the
    Company's programme scheduling department giving rise to redundancy costs
    amounting to £266,000.
   
ii. Following the acquisition of The Wireless Group plc on 6 June 2005, the
    staff structure with the Group was reviewed and the fundamental
    rationalisation resulted in redundancy costs amounting to £564,000.
   
iii. During the half year the Group performed a fundamental restructuring of
    its bank facility to secure sufficient borrowings in advance of
    acquisitions. As a result of this £109,000 of costs were incurred.
   
4. Dividends

Equity dividends on ordinary shares

                                                                           2004
                                                             Pence             
                                                         per share         £000
                                                                               
Declared and paid during the year                                              
                                                                               
Final for 2003 paid 8 June 2004                               5.90        3,156
                                                                               
Interim for 2004 paid 18 October 2004                         4.50        2,440
                                                                               
                                                            ------       ------
                                                                               
                                                             10.40        5,596
                                                                               
                                                            ------       ------
                                                                               

                                                                           2005
                                                             Pence             
                                                         per share         £000
                                                                               
Declared and paid during the year                                              
                                                                               
Final for 2004 paid 7 June 2005                               7.00        3,803
                                                                               
                                                            ------       ------

 5. Earnings per share
   
Basic earnings per share is calculated based on the profit for the financial
year after exceptional items and on the weighted average number of shares in
issue during the period. Adjusted earnings per share is calculated based on the
profit for the financial year before exceptional items and on the weighted
average number of shares in issue during the period.

Diluted earnings per share is calculated based on profit for the financial
period after adjusting for net interest payable on Convertible Loan Notes. The
weighted average number of shares is adjusted to reflect the dilutive potential
of the Convertible Loan Notes and Share Option Schemes. The impact of these are
summarised below.

Net Profit

                                                      Unaudited         Revised
                                                       30 June      31 December
                                                                               
                                                  2005        2004         2004
                                                  £000        £000         £000
                                                                               
Net profit attributable to equity                5,959       5,884       12,590
holders                                                                        
                                                                               
Interest on convertible loan notes                   -          24           24
                                                                               
                                           ----------- -----------  -----------
                                                                               
Net profit attributable to ordinary              5,959       5,908       12,614
shareholders for diluted earnings per                                          
share                                                                          
                                                                               
                                           ----------- -----------  -----------
                                                                               
                                                      Unaudited         Revised
                                                       30 June      31 December
                                                                               
                                                  2005        2004         2004
                                                  £000        £000         £000
                                                                               
Net profit attributable to equity                5,959       5,884       12,590
holders                                                                        
                                                                               
Exceptional costs                                  939           -            -
                                                                               
Taxation relating to exceptional items           (282)           -            -
                                                                               
                                           ----------- -----------  -----------
                                                                               
Net profit attributable to ordinary              6,616       5,884       12,590
shareholders for adjusted earnings per                                         
share                                                                          
                                                                               
Interest on convertible loan notes                   -          24           24
                                                                               
                                           ----------- -----------  -----------
                                                                               
Net profit attributable to ordinary              6,616       5,908       12,614
shareholders for diluted adjusted                                              
earnings per share                                                             
                                                                               
                                           ----------- -----------  -----------
                                                                               
Weighted average number of shares                                              
                                                                               
                                                       30 June      31 December
                                                                               
                                                  2005        2004         2004
                                                                               
                                             Thousands   Thousands    Thousands
                                                                               
Weighted average number of shares for           54,300      53,589       53,904
basic earnings per share                                                       
                                                                               
Effect of dilution:                                                            
                                                                               
Convertible loan notes                               -         629          315
                                                                               
Share options                                      621         613          608
                                                                               
                                           ----------- -----------  -----------
                                                                               
Adjusted weighted average number of             54,921      54,831       54,827
ordinary shares for diluted earnings per                                       
share                                                                          
                                                                               
                                           ----------- -----------  -----------

6. Net debt

                                                      Unaudited          Revised
                                                       30 June       31 December
                                                                                
                                                   2005        2004         2004
                                                                                
                                                   £000        £000         £000
                                                                                
Cash and cash equivalents                         8,820       5,223        7,707
                                                                                
Interest bearing loans and borrowings                                           
                                                                                
- Current                                       (7,373)     (8,643)      (9,074)
                                                                                
- Non-current                                 (121,003)    (19,382)     (17,403)
                                                                                
                                            ----------- -----------  -----------
                                                                                
                                              (119,556)    (22,802)     (18,770)
                                                                                
                                            ----------- -----------  -----------

To facilitate the acquisition of The Wireless Group, in May 2005 the Group
refinanced its existing loan facilities with new Senior Facilities totalling £
140m. The facilities comprise a £110m term loan and a £30m revolving credit
facility which are syndicated by five banks. Each facility matures in June
2010. Interest is payable at LIBOR plus 1.35% reducing to LIBOR plus 0.75%
depending on ratio of net debt to EBITDA. At 30 June 2005, £130m of these
facilities were drawn down.

The borrowings at the 30 June 2005 are stated net of £1,872,000 of deferred
financing costs.

7. Group Statement of Changes in Equity

                   Attributable to equity holders          Min   Total
                           of the parent                   Int        
                   _____________________________                      
                                                                      
                  Eq   Share                                          
               Iss'd    prem   Merger       FX     P&L                
                 cap     acc  reserve  reserve     acc                
                                                                      
                £000    £000    £'000     £000    £000    £000    £000
                                                                      
Balance at 31  2,674   2,226        -        -  24,883     (7)  29,776
December 2003                                                         
per UK GAAP                                                           
                                                                      
Opening                                                               
Adjustments                                                           
                                                                      
Reverse final      -       -        -        -   3,156       -   3,156
2003 dividend                                                         
charge                                                                
                                                                      
Pension                                                               
                                                                      
- Creation of      -       -        -        - (8,037)       - (8,037)
pension                                                               
reserve                                                               
                                                                      
- Release of       -       -        -        -    (61)       -    (61)
pension                                                               
prepayment                                                            
                                                                      
- Creation of      -       -        -        -   2,411       -   2,411
related                                                               
deferred tax                                                          
asset                                                                 
                                                                      
Impairment of      -       -        -        -   (173)       -   (173)
Bocom's                                                               
goodwill                                                              
                                                                      
Impairment of      -       -        -        -     (1)       -     (1)
other                                                                 
investments                                                           
                                                                      
              ------   -----   ------    -----  ------   -----  ------
                                                                      
Balance at 31  2,674   2,226        -        -  22,178     (7)  27,071
December 2003                                                         
per                                                                   
International                                                         
GAAP                                                                  
                                                                      
Conversion of     37   1,647        -        -       -       -   1,684
Loan Notes                                                            
                                                                      
Profit for         -       -        -        -   5,884       -   5,884
the period                                                            
                                                                      
Dividends          -       -                 - (3,156)       - (3,156)
                                                                      
Exchange           -       -        -  (2,583)       -       - (2,583)
difference on                                                         
subsidiaries                                                          
                                                                      
Exchange           -       -        -    1,605       -       -   1,605
difference on                                                         
loans hedging                                                         
net                                                                   
investment in                                                         
subsidiaries                                                          
                                                                      
Actuarial          -       -        -        -     121       -     121
gains on                                                              
defined                                                               
benefit                                                               
pension                                                               
schemes                                                               
                                                                      
Tax on items       -       -        -        -    (36)       -    (36)
taken                                                                 
directly to                                                           
equity                                                                
                                                                      
               -----  ------   ------   ------   -----   -----  ------
                                                                      
Balance at 30  2,711   3,873        -    (978)  24,991     (7)  30,590
June 2004                                                             
                                                                      
Profit for         -       -        -        -   6,706       -   6,706
the period                                                            
                                                                      
Dividends          -       -        -        - (2,440)       - (2,440)
                                                                      
Exchange           -       -        -    2,599       -           2,599
difference on                                                         
subsidiaries                                                          
                                                                      
Exchange           -       -        -  (1,382)       -       - (1,382)
difference on                                                         
loans hedging                                                         
net                                                                   
investment in                                                         
subsidiaries                                                          
                                                                      
Actuarial          -       -        -        -     788       -     788
gains on                                                              
defined                                                               
benefit                                                               
pension                                                               
schemes                                                               
                                                                      
Tax on items       -       -        -        -   (236)       -   (236)
taken                                                                 
directly to                                                           
equity                                                                
                                                                      
               -----   -----   ------   ------  ------  ------  ------
                                                                      
Balance at 31  2,711   3,873        -      239  29,809     (7)  36,625
December 2004                                                         
                                                                      
Share capital     10       -      993        -       -           1,003
issued                                                                
                                                                      
Share options      6     230        -        -       -       -     236
exercised                                                             
                                                                      
Profit for         -       -        -        -   5,959       -   5,959
the period                                                            
                                                                      
Dividends          -       -        -        - (3,803)       - (3,803)
                                                                      
Exchange           -       -        -  (3,041)       -         (3,041)
difference on                                                         
subsidiaries                                                          
                                                                      
Exchange           -       -        -    1,662       -       -   1,662
difference on                                                         
loans hedging                                                         
net                                                                   
investment in                                                         
subsidiaries                                                          
                                                                      
Actuarial          -       -        -        - (1,210)       - (1,210)
losses on                                                             
defined                                                               
benefit                                                               
pension                                                               
schemes                                                               
                                                                      
Tax on items       -       -        -        -     363       -     363
taken                                                                 
directly to                                                           
equity                                                                
                                                                      
              ------  ------   ------   ------  ------  ------  ------
                                                                      
Balance at 30  2,727   4,103      993  (1,140)  31,118     (7)  37,794
June 2005                                                             
                                                                      
              ------  ------    -----   ------   ----- -------  ------
                                                                      

 8. Impact of implementing International Financial Reporting Standards
   
(a) TURNOVER

                                                                  30 June 2004
                                                        Sales to third parties
                                                                              
                                       UK  Relating to          FX            
                                     GAAP        joint      Impact        IFRS
                                              ventures                        
                                                                              
                                     £000         £000        £000        £000
                                                                              
Area of activity                                                              
                                                                              
Television                         22,860          115           -      22,975
                                                                              
Radio                               4,779          237           2       5,018
                                                                              
New Media                           2,488            -           -       2,488
                                                                              
                              -----------  ----------- ----------- -----------
                                                                              
Total                              30,127          352           2      30,481
                                                                              
                              -----------  ----------- ----------- -----------
                                                                              
                                                              31 December 2004
                                                        Sales to third parties
                                                                              
                                       UK  Relating to          FX            
                                     GAAP        joint      Impact        IFRS
                                              ventures                        
                                                                              
                                     £000         £000        £000        £000
                                                                              
Area of activity                                                              
                                                                              
Television                         47,222          242           -      47,464
                                                                              
Radio                              10,853          478       (449)      10,882
                                                                              
New Media                           5,428            -       (142)       5,286
                                                                              
                              -----------  ----------- ----------- -----------
                                                                              
Total                              63,503          720       (591)      63,632
                                                                              
                              -----------  ----------- ----------- -----------

(b) GROUP OPERATING PROFIT

30 June 2004

                                Reverse      IFRS                  
                  UK               depn   pension       FX         
                GAAP      JVs  on bldgs    charge   Impact     IFRS
                                                                   
                £000     £000      £000      £000     £000     £000
                                                                   
Area of                                                            
activity                                                           
                                                                   
Television     7,190      (5)       102        25        -    7,312
                                                                   
Radio            842     (91)         -         -        1      752
                                                                   
New Media        532        -         -         -        -      532
                                                                   
            -------- -------- --------- --------- -------- --------
                                                                   
Total          8,564     (96)       102        25        1    8,596
                                                                   
            -------- -------- --------- --------- -------- --------
                                                                   

31 December 2004

                                 Reverse      IFRS                  
                  UK                depn   pension       FX         
                GAAP      JVs   on bldgs    charge   Impact     IFRS
                                                                    
                £000     £000       £000      £000     £000     £000
                                                                    
Area of                                                             
activity                                                            
                                                                    
Television    15,193      (3)        204      (37)        -   15,357
                                                                    
Radio          2,560    (210)          -         -    (103)    2,247
                                                                    
New Media        857        -          -         -     (34)      823
                                                                    
            --------  ------- ---------- --------- -------- --------
                                                                    
Total         18,610    (213)        204      (37)    (137)   18,427
                                                                    
            -------- --------  --------- --------- -------- --------

(c) PROFIT FOR THE PERIOD

                                                         30 June 2004
                                                                     
                                    Reverse                          
                               UK  goodwill              FX          
                             GAAP     amort     JV's Impact      IFRS
                                                                     
                   Note      £000      £000     £000   £000      £000
                                                                     
Group operating    (8b)     8,564                               8,596
profit before                                                        
goodwill                                                             
amortisation                                                         
                                                                     
Goodwill                  (1,760)     1,760        -      -         -
amortisation                                                         
                                                                     
Share of                     (96)         -       96      -         -
operating loss in                                                    
JV's                                                                 
                                                                     
Share of JV                  (69)        69        -      -         -
goodwill                                                             
amortisation                                                         
                                                                     
Finance income                 67         -        -      -        67
                                                                     
Finance costs               (529)         -        -      -     (529)
                                                                     
                        ---------                           ---------
                                                                     
Profit on                   6,177                               8,134
ordinary                                                             
activities before                                                    
taxation                                                             
                                                                     
Taxation                  (2,250)         -        -      -   (2,250)
                                                                     
                        ---------                           ---------
                                                                     
Profit for period           3,927                               5,884
                                                                     
                        ---------                            --------
                                                                     
                                                     31 December 2004
                                                                     
                                    Reverse                          
                               UK  goodwill              FX          
                             GAAP      amor     JV's Impact      IFRS
                                                                     
                   Note      £000      £000     £000   £000      £000
                                                                     
Group operating    (8b)    18,610                              18,427
profit before                                                        
goodwill                                                             
amortisation                                                         
                                                                     
Goodwill                  (3,491)     3,491        -      -         -
amortisation                                                         
                                                                     
Share of                    (213)         -      213      -         -
operating loss in                                                    
JV's                                                                 
                                                                     
Share of JV                 (138)       138        -      -         -
goodwill                                                             
amortisation                                                         
                                                                     
Finance income                148         -        -    (1)       147
                                                                     
Finance costs             (1,048)         -        -      1   (1,047)
                                                                     
                        ---------                           ---------
                                                                     
Profit on                  13,868                              17,527
ordinary                                                             
activities before                                                    
taxation                                                             
                                                                     
Taxation                  (4,950)         -        -     13   (4,937)
                                                                     
                        ---------                           ---------
                                                                     
Profit for period           8,918                              12,590
                                                                     
                        ---------                           ---------

(d) RECONCILIATION OF SHAREHOLDERS' FUNDS AND MOVEMENT ON RESERVES

At 31 December 2004

                             Equity     Share   Foreign    Profit          
                             issued   premium  currency  and loss          
                            capital   account   reserve   account     Total
                                                                           
                               £000      £000     £'000      £000      £000
                                                                           
Balance per UK GAAP           2,711     3,873         -    27,691    34,275
                                                                           
Opening Adjustments                                                        
                                                                           
Reverse final 2003                -         -         -     3,156     3,156
dividend charge                                                            
                                                                           
Pension                                                                    
                                                                           
- Creation of pension             -         -         -   (8,037)   (8,037)
reserve                                                                    
                                                                           
- Release of pension              -         -         -      (61)      (61)
prepayment                                                                 
                                                                           
- Creation of related             -         -         -     2,411     2,411
deferred tax asset                                                         
                                                                           
Impairment of Bocom's             -         -         -     (173)     (173)
goodwill                                                                   
                                                                           
Impairment of other               -         -         -       (1)       (1)
investments                                                                
                                                                           
Current Year Adjustments                                                   
                                                                           
Recognise final 2003              -         -         -   (3,156)   (3,156)
dividend                                                                   
                                                                           
Reverse final 2004                -         -         -     3,795     3,795
dividend charge                                                            
                                                                           
Reverse of 2004 goodwill          -         -         -     3,491     3,491
amortisation                                                               
                                                                           
Reverse of 2004 JV                -         -         -       138       138
goodwill amortisation                                                      
                                                                           
Write off deferred costs          -         -         -      (10)      (10)
in JV                                                                      
                                                                           
Reversal of depreciation          -         -         -       204       204
on buildings                                                               
                                                                           
Re-translate Radio's              -         -        89      (89)         -
results                                                                    
                                                                           
Re-translate Internet's           -         -        36      (36)         -
results                                                                    
                                                                           
Exchange difference on            -         -     (109)       109         -
subsidiaries                                                               
                                                                           
Exchange difference on            -         -       223     (223)         -
loans hedging net                                                          
investment in                                                              
subsidiaries                                                               
                                                                           
Additional pension charge         -         -         -      (37)      (37)
required                                                                   
                                                                           
Actuarial gains on                -         -         -       909       909
defined benefit pension                                                    
schemes                                                                    
                                                                           
Tax on items taken                                          (272)     (272)
directly to equity                                                         
                                                                           
                          --------- --------- --------- --------- ---------
                                                                           
Balance per IFRS              2,711     3,873       239    29,809    36,632
                                                                           
                          --------- --------- --------- --------- ---------