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Ulster T.V. PLC (UTV)

  Print      Mail a friend       Annual reports

Monday 13 March, 2006

Ulster T.V. PLC

Preliminary Announcement


Ulster Television plc

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

Preliminary Results

for the year ended 31 December 2005

UTV PROFIT UP BY 19% IN 2005

UTV, the multi media group which broadcasts television, radio and provides
internet and telephony services, announces its preliminary results for the year
to 31 December 2005.

Financial highlights:

  * Group turnover up 46% at £92.7m (2004: £63.6m) reflecting the acquisition
    of the Wireless Group plc
   
  * Group pre-tax profit before exceptional items up 19% at £20.8m (2004: £
    17.5m)
   
  * Exceptional costs of £1.2m (2004: Nil) reflect restructuring costs within
    the Group
   
  * Television operating profit maintained at £15.4m (2004: £15.4m)
   
  * Radio operating profit in Ireland up 56% to £3.8m (2004: £2.5m) after
    charging pre operational expenses of £0.5m and operational losses of £0.2m
    in respect of the new Belfast licence
   
  * Radio operating profit in Great Britain up to £4.8m (2004: £0.2m loss)
    after charging pre-operational expenses of £0.1m in respect of the new
    Edinburgh licence
   
  * New Media operating profit maintained at £0.8m (2004: £0.8m)
   
  * Diluted Earnings per share increased by 18% to 27.14p (2004: 23.01p)
   
  * A 10.7% increase in final dividend to 7.75p (2004: 7.00p) making a total
    for the year of 12.50p (2004: 11.50p) an increase of 8.7%.
   
Operational highlights:

  * Television advertising revenue reduced by 3.8% slightly underperforming the
    ITV Network
   
  * Radio advertising in Ireland grew by 17% on a like for like basis
   
  * Radio advertising in Great Britain grew by 5% on a like for like basis
   
  * Internet revenue grew by 54%
   
  * On 6 June 2005 we purchased the Wireless Group plc for £96.9m (including
    costs)
   
  * On 21 February 2005 we purchased the local independent radio station
    covering the Dundalk and Drogheda areas, LMFM, in the Republic of Ireland
    for £7.5m (including costs)
   
  * On 8 September 2005 we purchased the remaining two thirds of Juice FM in
    Liverpool for £2.1m
   
  * On 30 September 2005 we acquired a 50% holding in First Radio Sales for £
    0.5m
   
  * Successful launch of U105 in Belfast on 14 November 2005
   
John McCann, Group Chief Executive, UTV, said:

'It has been another strong year for the Group with solid performance across
the business. The most significant event of the year was the acquisition of the
former Wireless Group plc in June. Its integration into UTV Radio (GB) is
progressing well and it is enjoying buoyant advertising sales.

'Although the UK radio market overall is experiencing adverse trading
conditions, our stations are bucking the trend. Operating profit in Ireland is
up 56% to £3.8m and profit in Great Britain is £4.8m, reflecting the Wireless
acquisition. We are forecasting growth of 9% for the first quarter in 2006 in
Great Britain. This compares to an overall decline in the market of 11%. We are
expecting a similarly strong performance in our advertising revenues in
Ireland, with an increase of 9% in the first quarter. In addition to acquiring
Wireless, we also launched U105 Belfast during the year and since year end have
launched Talk 107 in Edinburgh. Radio is an exceptionally important area for
the Group and we are keen to continue growing the business, building on our
recent successes.

'Our television operating profit has been flat for the year at £15.4m, despite
a drop in revenue of 3.8%. First quarter revenues are expected to be down 8%
year on year reflecting a combination of a relatively weak market, declining
advertising revenue at ITV1 and Easter being in the second quarter. However, we
are forecasting a stronger second quarter in television, due to both the World
Cup and Easter occurring during the period.

'Although I believe the advertising market will continue to be difficult over
the coming months, I remain confident of UTV's ability to perform well in a
tough market. Our recent acquisitions are performing strongly and we are well
placed to benefit from the healthy Irish economy and the World Cup this
summer.'

Key dates:

  * 24 March 2006: record date for payment of dividends
   
  * 26 May 2006: date of Annual General Meeting
   
  * 12 June 2006: payment of dividends
   
Chairman's Statement

                                                ----------           ----------

Introduction

2005 was a landmark year for your company with the transformational development
of the radio division being the key milestone. The acquisition of the former
Wireless Group plc was the largest transaction that your company has ever
completed, catapulting it to being one of the larger radio groups in the UK.
Our leading position in Irish radio was further strengthened through the
acquisition of LMFM covering Dundalk and Drogheda and the winning of the new
licence for the greater Belfast area. These developments significantly broaden
our revenue base, both across media and geographically, and provide solid
foundations for future growth.

Results and Dividend

Operating profit before exceptional items was up by 35% to £24.8m (2004: £
18.4m), driven by an increase in radio division operating profit to £8.6m
(2004: £2.2m). Operating profit in television and new media were maintained at
£15.4m (2004: £ 15.4m) and £0.8m (2004: £0.8m) respectively. With a net
interest charge of £4.5m (2004: £0.9m), income from associates of £0.1m (2004:
£0.0m) and foreign exchange gains of £0.4m (2004: £0.0m) group profit before
exceptional items and taxation was up by 19% to £20.8m (2004: £17.5m). After
exceptional items of £1.2m (2004: £0.0m) and taxation of £5.1m (2004: £4.9m),
profits attributable to shareholders were £14.4m (2004: £12.6m). Fully diluted
earnings per share before exceptional items and foreign exchange gains were up
by 18% at 27.14p (2004: 23.01p).

Your Board recommends a final dividend of 7.75p (2004: 7.00p) which represents
a 10.7% increase over last year making a total for the year of 12.50p (2004 :
11.5p), an increase of 8.7%. The final dividend will be paid on 12 June 2006 to
all shareholders on the Register at the close of business on 24 March 2006. The
Annual General Meeting will be held on 26 May 2006.

Television

The difficult trading conditions of the television advertising marketplace in
the first half continued into the second six months of 2005. Television
advertising revenue for the year as a whole was down by 3.8%, slightly
underperforming the ITV network. Despite this, television operating profit was
maintained at £15.4m (2004: £15.4m) as the reduction in our licence fee from £
1.9m to £1.1m and other cost savings of £0.9m helped to offset the fall in
revenue. Our new licence terms apply to the period 1 January 2005 to 31
December 2014 and 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. The variable elements of the licence fee applies only to
revenue derived from analogue transmission and, therefore, as the number of
digital homes grew in 2005, this part of our licence fee also reduced, giving
an overall reduction in the fee of £0.8m.

Radio

The acquisition of LMFM in Dundalk/Drogheda, Juice FM in Liverpool and, in
particular, the Wireless Group, almost quadrupled turnover in our radio
division to £38.9m (2004 : £10.9m). On a like-for-like basis, revenue grew by
17% and 5% in our radio divisions in Ireland and GB respectively. Radio
operating profits also grew substantially in Ireland and GB rising to a
combined total of £8.6m (2004: £2.2m) after deduction of pre-operational
expenditure of £0.6m (2004: £0.0m) in respect of our new licences. Our new
station for Belfast and the surrounding area launched on 14 November 2005
broadcasting a mix of music and speech to some 800,000 adults, while our new
station for the greater Edinburgh area, broadcasting to approximately 1 million
adults, launched on 14 February 2006. The latter station is the first UK local
station outside of London to provide a purely speech-based service.

New Media

Turnover in our new media division grew by 54% to £8.1m (2004: £5.3m). This
increase was predominately driven by broadband and telephony services and our
ability to offer customers the convenience of a single bill for both services.
Broadband customer numbers grew by 85% in the year, while telephony customer
numbers increased by 120%. Despite increasing customer acquisition and
wholesale costs, operating profits were maintained at £0.8m (2004: £0.8m).

Prospects

Total UK television advertising revenue is forecast to be up by about 2% to 3%
in 2006. However, ITV1's fall in its share of commercial impacts in 2005 will
put pressure on ITV1 network revenue in 2006 under the Contract Rights Renewal
(CRR) formula agreed by Granada and Carlton as part of their merger
undertakings. Despite the stimulus of the soccer World Cup, the expectation is
that ITV1's advertising revenue could be down by 5% to 7% in 2006. However,
some 50% of our television advertising revenue derives from the marketplaces in
Ireland and is not subject to the CRR mechanism. With continuing high local
viewership the demand for advertising from within Ireland is strong and is
expected to help mitigate weakness in the GB marketplace in the year.

The comparative for the first quarter of 2006 includes Easter and consequently
our expectation is that television advertising revenue for the first 3 months
will be down by about 8%, albeit our share of network revenue will increase.
The second quarter, which will include both Easter and the football World Cup,
is expected to be much stronger with April forecast to be up by 4%.

In Ireland, the radio stations which we own, or sell airtime on behalf of, now
broadcast to all the key urban areas on the island, accounting for more than
two-thirds of the population.

Our listenership strength in each of these local areas coupled with our ability
to offer a quasi-national urban proposition to our advertisers continues to
fuel demand for our airtime in Ireland which is expected to be up by about 9%
on a like-for-like basis in the first three months of 2006, with April forecast
to be up by 12%.

The UK radio market is currently experiencing adverse trading conditions and,
as a whole, is expected to decline by about 11% in the first three months of
2006. However, our radio operations here, both at local and national level, are
bucking the market trend and are forecast to be up by about 9% in the three
months to 31 March 2006 with April forecast to be up by 20%.

talkSPORT, our national UK radio licence, is performing particularly well. In
the first quarter of 2006, advertising and sponsorship revenue is expected to
be up by 20% and with the soccer World Cup beginning in June, strong demand is
anticipated in the second quarter.

In our local radio stations in GB, we are investing in staff development and
audience research as part of our plan to improve listenership and advertising
performance. While this investment is not a short-term fix, progress is
encouraging and, on a like-for-like basis, advertising revenue in those
stations is expected to be up by 2% in the first quarter of 2006. Our new radio
stations in Belfast and Edinburgh have launched successfully and are forecast
to break even in their third year of operation. In 2006, budgeted losses at
these two stations are expected to total £1.8m.

Strong growth in broadband and telephony customers is continuing and in the
first quarter, turnover is expected to be up by 20%. As anticipated, UTV Talk
will begin to contribute to the overall profitability of the new media division
and, as a result, an increase in profitability is expected in 2006.

People

It is to the great credit of all within the Company that the significant
developments to which I have referred above were successfully undertaken
without impacting upon ongoing operational activities. On your behalf, I thank
the Board, management and staff for their continuing efforts on behalf of your
company.

I would like to pay tribute to Alan Bremner, our Director of Television, who
will retire from the Company on 31 March 2006 after eighteen years of dedicated
service. His colleagues and I wish him every happiness in his retirement.

Group Income Statement

For the year ended 31 December 2005

                                                          2005            2004
                                                                              
                                         Notes            £000            £000
                                                                              
Continuing Operations                                                         
                                                                              
Revenue                                      2          92,741          63,632
                                                                              
Operating costs                                       (67,934)        (45,205)
                                                                              
                                                   -----------     -----------
                                                                              
Operating Profit from continuing             2          24,807          18,427
operations before tax and finance                                             
costs                                                                         
                                                                              
Exceptional costs                            3         (1,235)               -
                                                                              
Share of results of associates                             109               -
accounted for using the equity                                                
method                                                                        
                                                                              
                                                   -----------     -----------
                                                                              
Profit from continuing operations                       23,681          18,427
before tax and finance costs                                                  
                                                                              
Finance revenue                                            438             147
                                                                              
Finance costs                                          (4,941)         (1,047)
                                                                              
Foreign exchange gain                                      413               -
                                                                              
                                                   -----------     -----------
                                                                              
Profit before tax                                       19,591          17,527
                                                                              
Taxation                                     4         (5,101)         (4,937)
                                                                              
                                                   -----------     -----------
                                                                              
Profit for the year                          2          14,490          12,590
                                                                              
                                                   -----------     -----------
                                                                              
Attributable to:                                                              
                                                                              
Equity holders of the parent                            14,356          12,590
                                                                              
Minority interests                                         134               -
                                                                              
                                                   -----------     -----------
                                                                              
                                                        14,490          12,590
                                                                              
                                                   -----------     -----------

Earnings per share

Diluted                                      5          26.09p          23.01p
                                                                              
Basic                                        5          26.38p          23.36p
                                                                              
Adjusted                                     5          27.44p          23.36p
                                                                              
Diluted adjusted                             5          27.14p          23.01p
                                                                              
                                                   -----------     -----------

Group Statement of Recognised Income and Expense

For the year ended 31 December 2005

                                                          2005            2004
                                                                              
                                         Notes            £000            £000
                                                                              
Income and expenses recognised                                                
directly in equity                                                            
                                                                              
Exchange difference on translation                     (1,418)              16
of foreign operations                                                         
                                                                              
Exchange difference on loans hedging                     1,287             223
net investment in foreign                                                     
subsidiaries                                                                  
                                                                              
Net actuarial gain on defined                              943             831
benefit pension schemes                                                       
                                                                              
Losses on cash flow hedges taken to                      (119)               -
equity                                                                        
                                                                              
Revaluation of share of assets                           1,248               -
previously acquired in AR(UK)                                                 
                                                                              
Tax on items taken directly to or                        (283)           (249)
transferred from equity                                                       
                                                                              
                                                   -----------     -----------
                                                                              
Net income recognised directly in                        1,658             821
equity                                                                        
                                                                              
Profit for the year                          2          14,490          12,590
                                                                              
                                                   -----------     -----------
                                                                              
Total recognised income and expense                     16,148          13,411
for the year                                                                  
                                                                              
                                                   -----------     -----------
                                                                              
Attributable to:                                                              
                                                                              
Equity holders of the parent                            16,014          13,411
                                                                              
Minority interests                                         134               -
                                                                              
                                                   -----------     -----------
                                                                              
Total recognised income and expense          8          16,148          13,411
                                                                              
                                                   -----------     -----------

Group Balance Sheet

At 31 December 2005

                                                          2005            2004
                                                                              
                                         Notes            £000            £000
                                                                              
ASSETS                                                                        
                                                                              
Non-current assets                                                            
                                                                              
Property, plant and equipment                           10,938           8,908
                                                                              
Intangible assets                                      205,165          48,827
                                                                              
Investments accounted for using the                        268               -
equity method                                                                 
                                                                              
Other investments                                           32               -
                                                                              
Deferred tax asset                                       8,725           2,171
                                                                              
                                                   -----------     -----------
                                                                              
                                                       225,128          59,906
                                                                              
                                                   -----------     -----------
                                                                              
Current assets                                                                
                                                                              
Inventories                                                832             825
                                                                              
Trade and other receivables                             29,367          15,208
                                                                              
Cash and short term deposits                 7           6,470           7,707
                                                                              
                                                   -----------     -----------
                                                                              
                                                        36,669          23,740
                                                                              
                                                   -----------     -----------
                                                                              
TOTAL ASSETS                                           261,797          83,646
                                                                              
                                                   -----------     -----------
                                                                              
EQUITY AND LIABILITIES                                                        
                                                                              
Equity attributable to equity                                                 
holders of the parent                                                         
                                                                              
Equity share capital                                     7,824           6,584
                                                                              
Foreign currency reserve                                   108             239
                                                                              
Cash flow hedge reserve                                  (119)               -
                                                                              
Retained earnings                                       40,325          29,767
                                                                              
                                                   -----------     -----------
                                                                              
                                                        48,138          36,590
                                                                              
Minority Interest                                          127             (7)
                                                                              
                                                   -----------     -----------
                                                                              
TOTAL EQUITY                                 8          48,265          36,583
                                                                              
                                                   -----------     -----------
                                                                              
Non-current liabilities                                                       
                                                                              
Financial liabilities                        7         119,935          17,772
                                                                              
Pension liability                                        6,320           7,235
                                                                              
Provisions                                               1,071              13
                                                                              
Deferred tax liabilities                                44,646             177
                                                                              
                                                   -----------     -----------
                                                                              
                                                       171,972          25,197
                                                                              
                                                   -----------     -----------
                                                                              
Current liabilities                                                           
                                                                              
Trade and other payables                                26,968          10,675
                                                                              
Financial liabilities                        7          12,736           8,705
                                                                              
Tax payable                                              1,811           2,459
                                                                              
Provisions                                                  45              27
                                                                              
                                                   -----------     -----------
                                                                              
Net current liabilities                                 41,560          21,866
                                                                              
                                                   -----------     -----------
                                                                              
TOTAL LIABILITIES                                      213,532          47,063
                                                                              
                                                   -----------     -----------
                                                                              
TOTAL EQUITY AND LIABILITIES                           261,797          83,646
                                                                              
                                                   -----------     -----------

Group Cash Flow Statement

For the year ended 31 December 2005

                                                          2005            2004
                                                                              
                                          Note            £000            £000
                                                                              
Operating activities                                                          
                                                                              
Group operating profit from continuing       2          24,807          18,427
operations before tax and finance costs                                       
                                                                              
Adjustments to reconcile group                                                
operating profit to net cash flows from                                       
operating activities                                                          
                                                                              
Depreciation of property, plant and                      1,746           1,589
equipment                                                                     
                                                                              
Difference between pension                               (300)              37
contributions paid and amounts                                                
recognised in the Income Statement                                            
                                                                              
Increase in inventories                                      7              75
                                                                              
Increase in trade and other receivables                  (349)         (2,110)
                                                                              
Increase in trade and other payables                     1,705           3,224
                                                                              
Movement in provisions                                    (27)            (27)
                                                                              
Profits from sale of property, plant                      (16)             (8)
and equipment                                                                 
                                                                              
                                                   -----------     -----------
                                                                              
Cash generated from operations before                   22,201          21,207
exceptional costs                                                             
                                                                              
Exceptional costs                                      (1,105)               -
                                                                              
Tax paid                                               (4,338)         (4,703)
                                                                              
                                                   -----------     -----------
                                                                              
Net cash inflow from operating                          22,130          16,504
activities                                                                    
                                                                              
                                                   -----------     -----------
                                                                              
Investing activities                                                          
                                                                              
Interest received                                          431             145
                                                                              
Proceeds on disposal of property, plant                     56              60
and equipment                                                                 
                                                                              
Purchase of property, plant and                        (1,868)         (1,301)
equipment                                                                     
                                                                              
Acquisition of subsidiaries, net of                  (103,811)               -
cash acquired                                                                 
                                                                              
Acquiree transaction costs settled                     (5,566)               -
                                                                              
Acquisition of joint ventures, net of                    (366)               -
cash acquired                                                                 
                                                                              
                                                   -----------     -----------
                                                                              
Net cash flows from investing                        (111,124)         (1,096)
activities                                                                    
                                                                              
                                                   -----------     -----------
                                                                              
Financing activities                                                          
                                                                              
Borrowing costs                                        (6,557)         (1,072)
                                                                              
Proceeds from exercise of share options                    236               -
                                                                              
Dividends paid to equity shareholders                  (6,395)         (5,596)
                                                                              
Repayment of borrowings                               (35,912)         (6,018)
                                                                              
Proceeds from borrowings                               136,278               -
                                                                              
                                                   -----------     -----------
                                                                              
Net cash flows used in financing                        87,650        (12,686)
activities                                                                    
                                                                              
                                                   -----------     -----------
                                                                              
Net increase in cash and cash                          (1,344)           2,722
equivalents                                                                   
                                                                              
Net foreign exchange differences                          (87)               3
                                                                              
Cash and cash equivalents at 1 January                   7,707           4,982
                                                                              
                                                   -----------     -----------
                                                                              
Cash and cash equivalents at 31                          6,276           7,707
December                                                                      
                                                                              
                                                   -----------     -----------

Notes to the Group Financial Statements

For the year ended 31 December 2005

 1. Basis of preparation
   
The Group's financial statements consolidate those of Ulster Television plc,
and its subsidiaries (together referred to as the 'Group') and the Group's
interest in associates and jointly controlled entities.

As required by EU law the Group's accounts have been prepared in accordance
with International Financial Reporting Standards adopted by the International
Accounting Standards Board (IASB) and interpretations issued by the
International Financial Reporting Interpretations Committee of IASB as adopted
by the EU ('IFRS'). These are the Group's first consolidated financial
statements to be prepared under the IFRS and IFRS 1 'First-time Adoption of
International Financial Reporting Standards' has been applied.

The accounts are principally prepared on the historical cost basis except where
other bases are applied under the Group's accounting policies.

The comparative information presented in these accounts has been restated and
represented under IFRS. In respect of financial instruments, the Group's
policy, as permitted under IFRS 1, has been to adopt IAS 32 (Financial
Instruments: Recognition and Measurement) from 1 January 2005. Comparatives
have therefore not been restated to reflect the requirements of IAS 32 and IAS
29 and continue to be prepared in accordance with UK GAAP.

The financial information set out herein does not constitute the Company's
statutory report and accounts for the year ended 31 December 2005.

 2. Revenue and segmental analysis
   
Revenue 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. Revenue from television and radio activities is generated from advertising
and sponsorship. Revenue from New Media is generated from the provision of
internet services. The amount of revenue derived from the sale of goods or
other activities is immaterial and therefore has not been separately disclosed.
Transfer prices between business segments are set on an arm's length basis in a
manner similar to transactions to third parties.

The Group's primary reporting format is business segment and its secondary
format is geographical 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.

Business Segments

The Group operates in four principal areas of activity - commercial television,
radio in GB, radio in Ireland and new media - all of which are continuing
operations. The following tables present revenue and profit information
regarding the Group's business segments for the years ended 31 December 2005
and 2004.

Revenue

Year ended 31 December 2005

                     Television    Radio GB       Radio   New Media       Total
                                                Ireland                        
                                                                               
                           £000        £000        £000        £000        £000
                                                                               
Sales to third           45,752      25,112      13,738       8,139      92,741
parties                                                                        
                                                                               
Intersegmental              608         745         482          60       1,895
sales                                                                          
                                                                               
                    ----------- ----------- ----------- ----------- -----------
                                                                               
Total segmental          46,360      25,857      14,220       8,199      94,636
revenue                                                                        
                                                                               
                    ----------- ----------- ----------- ----------- -----------

Year ended 31 December 2004

                     Television    Radio GB       Radio   New Media       Total
                                                Ireland                        
                                                                               
                           £000        £000        £000        £000        £000
                                                                               
Sales to third           47,464         478      10,404       5,286      63,632
parties                                                                        
                                                                               
Intersegmental              421           -          61          62         544
sales                                                                          
                                                                               
                    ----------- ----------- ----------- ----------- -----------
                                                                               
Total segmental          47,885         478      10,465       5,348      64,176
revenue                                                                        
                                                                               
                    ----------- ----------- ----------- ----------- -----------

Profit

Year ended 31 December 2005

                    Television    Radio GB       Radio   New Media       Total
                                               Ireland                        
                                                                              
                          £000        £000        £000        £000        £000
                                                                              
Group operating         15,359       4,799       3,845         804      24,807
profit for the                                                                
year                                                                          
                                                                              
Exceptional costs,       (266)       (750)           -           -     (1,016)
allocable to a                                                                
business segment                                                              
                                                                              
                   ----------- ----------- ----------- ----------- -----------
                                                                              
                        15,093       4,049       3,845         804      23,791
                                                                              
Share of results             -         109           -           -         109
of associates                                                                 
                                                                              
                   ----------- ----------- ----------- ----------- -----------
                                                                              
                        15,093       4,158       3,845         804      23,900
                                                                              
                   ----------- ----------- ----------- -----------            
                                                                              
Other exceptional                                                        (219)
costs                                                                         
                                                                              
Net finance costs                                                      (4,503)
                                                                              
Foreign exchange                                                           413
                                                                              
                                                                   -----------
                                                                              
Profit before                                                           19,591
taxation                                                                      
                                                                              
Income tax expense                                                     (5,101)
                                                                              
                                                                   -----------
                                                                              
Profit for the                                                          14,490
year                                                                          
                                                                              
                                                                   -----------

Year ended 31 December 2004

                    Television    Radio GB       Radio   New Media       Total
                                               Ireland                        
                                                                              
                          £000        £000        £000        £000        £000
                                                                              
Group operating         15,357       (210)       2,457         823      18,427
profit for the                                                                
year                                                                          
                                                                              
                   ----------- ----------- ----------- -----------            
                                                                              
Net finance costs                                                        (900)
                                                                              
                                                                   -----------
                                                                              
Profit before                                                           17,527
taxation                                                                      
                                                                              
Income tax expense                                                     (4,937)
                                                                              
                                                                   -----------
                                                                              
Profit for the                                                          12,590
year                                                                          
                                                                              
                                                                   -----------

3. Exceptional items

                                                       2005         2004
                                                                        
                                                       £000         £000
                                                                        
Fundamental restructuring costs                       1,235            -
                                                                        
                                                -----------  -----------

Following the acquisition of The Wireless Group plc on 6 June 2005, the staff
structure within the UTV Group was reviewed and the fundamental rationalisation
resulted in redundancy costs and other related costs.

4. Tax on profit on ordinary activities

                                                           2005            2004
                                                                               
                                                           £000            £000
                                                                               
Current income tax:                                                            
                                                                               
UK corporation tax on profits for the period              3,126           4,673
                                                                               
Adjustments in respect to previous years                   (75)            (38)
                                                                               
                                                    -----------     -----------
                                                                               
                                                          3,051           4,635
                                                                               
Foreign tax:                                                                   
                                                                               
ROI corporation tax on profits for the period               580             342
                                                                               
Adjustments in respect to previous years                      -             (1)
                                                                               
Share of joint ventures' current tax                         59               -
                                                                               
                                                    -----------     -----------
                                                                               
Total current tax                                         3,690           4,976
                                                                               
Deferred tax:                                                                  
                                                                               
Origination and reversal of timing differences            1,418            (39)
                                                                               
Adjustments in respect of previous periods                  (7)               -
                                                                               
                                                    -----------     -----------
                                                                               
Tax charge in the income statement                        5,101           4,937
                                                                               
                                                    -----------     -----------

5. Earnings per ordinary share

Basic earnings per share is calculated based on the profit for the financial
year attributable to equity holders of the parent 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 attributable to equity holders of the parent adjusted for the exceptional
items and foreign exchange recorded in the year. This calculation uses the
weighted average number of shares in issue during the period.

Diluted earnings per share is calculated based on profit for the financial year
attributable to equity holders of the parent after adjusting for the net
interest payable on the Convertible Loan Notes. The weighted average number of
shares is adjusted to reflect the dilutive potential of the Convertible Loan
Notes and the Share Option Schemes.

Diluted adjusted earnings per share is calculated based on profit for the
financial year attributable to equity holders of the parent before exceptional
items and foreign exchange, and after adjusting for the net interest payable on
the Convertible Loan Notes. The weighted average number of shares is adjusted
to reflect the dilutive potential of the Convertible Loan Notes and the Share
Option Schemes.

The following reflects the income and share data used in the basic, adjusted,
diluted and diluted adjusted earnings per share calculations:

Net Profit

                                                          2005             2004
                                                                               
                                                          £000             £000
                                                                               
Net profit attributable to equity holders               14,356           12,590
                                                                               
Net interest on convertible loan notes                       -               24
                                                                               
                                                       -------          -------
                                                                               
Net profit attributable to ordinary                     14,356           12,614
shareholders for diluted earnings per share                                    
                                                                               
Exceptional costs                                        1,235                -
                                                                               
Foreign exchange gains                                   (413)                -
                                                                               
Taxation relating to above items                         (247)                -
                                                                               
                                                       -------          -------
                                                                               
Net profit attributable to ordinary                     14,931           12,614
shareholders for adjusted diluted earnings per                                 
share                                                                          
                                                                               
Net interest on convertible loan notes                       -             (24)
                                                                               
                                                       -------          -------
                                                                               
Net profit attributable to ordinary                     14,931           12,590
shareholders for adjusted earnings per share                                   
                                                                               
                                                   -----------      -----------

Weighted average number of shares

                                                          2005             2004
                                                                               
                                                     Thousands        Thousands
                                                                               
Weighted average number of shares for basic and         54,421           53,904
adjusted earnings per share                                                    
                                                                               
Effect of dilution:                                                            
                                                                               
- Share options                                            597              609
                                                                               
- Convertible Loan Notes                                     -              314
                                                                               
                                                   -----------      -----------
                                                                               
Adjusted weighted average number of ordinary            55,018           54,827
shares for diluted earnings per share                                          
                                                                               
                                                   -----------      -----------

Earnings per share

Diluted                                                 26.09p           23.01p
                                                                               
                                                   -----------      -----------
                                                                               
Basic                                                   26.38p           23.36p
                                                                               
                                                   -----------      -----------
                                                                               
Adjusted                                                27.44p           23.36p
                                                                               
                                                   -----------      -----------
                                                                               
Diluted adjusted                                        27.14p           23.01p
                                                                               
                                                   -----------      -----------

6. Dividends

                                                          2005             2004
                                                                               
                                                          £000             £000
                                                                               
Equity dividends on ordinary shares                                            
                                                                               
Declared and paid during the year                                              
                                                                               
Final for 2004: 7.00p (2003: 5.90p)                      3,803            3,156
                                                                               
Interim for 2005: 4.75p (2004: 4.50p)                    2,592            2,440
                                                                               
                                                        ------           ------
                                                                               
Dividends paid                                           6,395            5,596
                                                                               
                                                   -----------      -----------
                                                                               
Proposed for approval at Annual General Meeting                                
(not recognised as a liability at 31 December)                                 
                                                                               
Final dividend for 2005: 7.75p (2004: 7.00p)             4,227                 
                                                                               
                                                   -----------                 

7. Net Debt

                                                          2005             2004
                                                                               
                                                          £000             £000
                                                                               
Current                                                                        
                                                                               
Cash and cash equivalents                                6,470            7,707
                                                                               
Bank overdrafts                                          (194)                -
                                                                               
Current instalments due on bank loans                 (12,410)          (8,705)
                                                                               
Current obligations under finance leases and              (14)                -
hire purchase contracts                                                        
                                                                               
                                                   -----------      -----------
                                                                               
                                                       (6,148)            (998)
                                                                               
                                                   -----------      -----------
                                                                               
Non-current                                                                    
                                                                               
Non-current instalments due on bank loans            (119,841)         (17,772)
                                                                               
Non-current obligations under finance leases              (94)                -
and hire purchase contracts                                                    
                                                                               
                                                   -----------      -----------
                                                                               
                                                     (119,935)         (17,772)
                                                                               
                                                   -----------      -----------
                                                                               
Net Debt                                             (126,083)         (18,770)
                                                                               
                                                   -----------      -----------

The borrowings at 31 December 2005 are stated net of £1,574,000 (2004: Nil) of
deferred financing costs.

Current financial liabilities stated in the balance sheet also include a
balance of £118,000 relating to interest rate swaps (2004: Nil).

8. Reconciliations of movements in equity

                            Attributable to equity holders    Minority        
                                                                              
                                    of the parent             Interest   Total
                                                                              
                         __________________________________                   
                                                                              
                          Equity  Foreign Cash flow                           
                                                                              
                           share currency   hedge    Retained                 
                                                                              
                         capital  reserve   reserve  earnings                 
                                                                              
                            £000     £000     £'000      £000     £000    £000
                                                                              
Balance at 31 December     4,900        -         -    22,191      (7)  27,084
2003                                                                          
                                                                              
Conversion of Loan Notes   1,684        -         -         -        -   1,684
                                                                              
Total recognised income        -      239         -    13,172        -  13,411
and expense in the year                                                       
                                                                              
Dividends                      -        -         -   (5,596)        - (5,596)
                                                                              
                           -----    -----   -------    ------   ------  ------
                                                                              
Balance at 31 December     6,584      239         -    29,767      (7)  36,583
2004                                                                          
                                                                              
Exercise of share            236        -         -         -        -     236
options                                                                       
                                                                              
Shares issued on           1,004        -         -         -        -   1,004
acquisition of                                                                
subsidiary                                                                    
                                                                              
Total recognised income        -    (131)     (119)    16,264      134  16,148
and expense in the year                                                       
                                                                              
Dividends                      -        -         -   (6,395)        - (6,395)
                                                                              
Reserves on the wind up        -        -         -       689        -     689
of the Wireless Group                                                         
Employee Benefits Trust                                                       
                                                                              
                          ------   ------     -----    ------    -----  ------
                                                                              
Balance at 31 December     7,824      108     (119)    40,325      127  48,265
2005                                                                          
                                                                              
                          ------   ------     -----    ------    -----   -----

This summary has been approved by our Directors for release to the Press today 
13 March 2006 and the full printed Annual Report and Accounts will be posted to
Shareholders and Stock Exchanges on 26 April 2006. Copies will be available to
the public at the Company's registered office Ormeau Road, Belfast BT7 1EB from
that date.


 END