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UTV PLC (UTV)

  Print      Mail a friend       Annual reports

Thursday 30 August, 2007

UTV PLC

Half-yearly Report


                                    UTV plc                                    

                    ("UTV" or "the Company" or "the Group")                    

                                Interim Results                                

                     for the six months ended 30 June 2007                     

UTV, the multi media group which broadcasts radio and television and provides a
range of new media including web development and design, internet and telephony
services, announces its interim results for the six months to 30 June 2007.

Financial highlights:

  * Diluted adjusted earnings per share growth of 13% to 12.76p (2006: 11.33p)
   
  * Group turnover broadly flat at £57.2m (2006: £57.1m)
   
  * Group operating profit, including associates, before exceptional items up
    4% at £13m (2006: £12.5m)
   
  * Radio operating profit up by 7% to £6.8m (2006: £6.4m) after deducting
    start-up losses of £1.3m (2006: £1.4 loss) at two radio stations, Talk 107
    in Edinburgh and U105 in Belfast.
   
  * Television operating profit of £5.6m (2006: £5.6m)
   
  * New Media operating profit up 25% to £0.6m (2006: £0.5m)
   
  * A 4% increase in interim dividend to 5.20p (2006: 5.00p)
   
Operational highlights:

  * Radio advertising in Ireland remained flat on a like-for-like basis
   
  * Radio advertising in Great Britain remained flat on a like-for-like basis
   
  * Television advertising revenue reduced by 1% but again outperformed the ITV
    Network
   
  * New Media revenue grew by 12%
   
John McCann, Group Chief Executive, UTV, said:

"UTV has again performed strongly in a challenging period for the media
industry. I am particularly pleased with the performance of the television and
UK radio divisions which have once again outpaced their peers. While the
performance of Irish radio in Q2 was disappointing, we have taken steps to
address this and are confident of an improvement in the second half of this
year.

"Radio is becoming increasingly important to the group, and now contributes 55%
of group revenues. We are pleased with the progress being made by talkSPORT,
and delighted to have been part of the C4 consortium which won the licence to
operate the UK's second national commercial DAB multiplex.

"The outlook for Q3 is positive. We expect growth in UK and Irish radio
advertising markets and television should start to benefit from better
programming. While we expect market conditions to remain challenging, we remain
confident that we will continue to deliver solid earnings growth."

Key dates:

  * 7 September 2007 : record date for payment of dividends
   
  * 5 October 2007 : payment of dividends
   
For further information contact:

Powerscourt                                  +44 20 7236 5615                  
                                                                               
Sarah Daly                                   +44 78 0952 6834                  
                                                                               
Paul Durman                                  +44 77 9352 2824                  

UTV plc

John McCann          Group Chief Executive   +44 28 9026 2202                  
                                                                               
Paul O'Brien         Group Finance Director  +44 28 9026 2098                  
                                                                               
Orla McKibbin        Head of Press and PR    +44 28 9026 2188                  

Chairman's Statement

Introduction

In another challenging period in the media industry, our company again
performed strongly by increasing diluted adjusted earnings per share by 13%. A
very strong first half performance in our radio operations in G.B. more than
offset second quarter underperformance in radio in Ireland, delivering a 7%
improvement in total radio operating profitability. Our television division
significantly outperformed its peer group to broadly maintain profitability in
a difficult advertising market. Our new media business again achieved good
growth, boosting its profitability by 25%.

Results and Dividend

Group turnover in the first half was broadly flat at £57.2m (2006: £57.1m).
Operating profit, including associates, before exceptional items was up by 4%
to £13.0m (2006: £12.5m), with radio operating profit increasing by 7% to £6.8m
(2006: £6.4m) after deducting start-up losses of £1.3m (2006: £1.4m loss) at
our two stations in Edinburgh and Belfast. Television operating profit was in
line with last year at £5.6m (2006: £5.6m) while new media operating profit
increased to £0.6m (2006: £0.5m). After reduced net interest charges of £3.7m
(2006: £4.0m), pre-tax profits before exceptional items were up by 8% to £9.3m
(2006: £8.5m).

Your Board has declared an interim dividend of 5.20p which represents a 4%
increase over last year. The dividend will be paid on 5 October to all
shareholders on the Register at the close of business on 7 September.

Radio

Our radio division in G.B. performed particularly well in the first half of
2007. In a U.K. radio advertising market down by 1%, talkSPORT was marginally
up and our local radio stations were flat giving rise to an overall flat
position on a like for like basis. The modest increase in talkSPORT was against
a comparative which included significant revenue in respect of the 2006
football World Cup. With the additional costs associated with our coverage of
the World Cup also dropping out, our radio operating profit in G.B. increased
by 16% to £4.7m (2006: £4.0m) after accounting for start-up losses of £0.9m
(2006: £0.9m loss) at our Edinburgh station talk 107.

Our Irish radio stations got off to a good start in 2007 but short term
weakness in local advertising revenue in Q2 undermined this promise. The
economic fundamentals remained positive, as evidenced by the 9% increase in our
national advertising revenue, but a 11% decrease in local advertising revenue
resulted in an overall increase of 1.5% in local currency, giving a flat
revenue performance in the first half due to currency fluctuation. After
accounting for start-up losses of £0.4m (2006: £0.5m loss) at our Belfast
station, U105, Irish radio operating profits were down at £2.2m (2006: £2.4m).

Television

Outperformance of the ITV network by our television division continued
throughout the period with advertising revenue down by just 1% compared to a
reduction of 9% at ITV1. While the television advertising market in the U.K.
was difficult, it was the impact of the Contract Rights Renewal mechanism which
caused much of this reduction. We achieved a record share of 2.93% of total
ITV1 advertising revenue. Our total television revenues were £20.6m (2006: £
20.9m) but tight cost control ensured television operating profits were
maintained at £5.6m (2006: £5.6m).

New Media

This division recorded a 12% increase in revenue to £5.0m (2006: £4.5m) which
resulted in a 25% improvement in operating profit to £0.6m (2006: £0.5m). This
improvement means that profitability has increased by more than 60% over the
same period two years ago. The extent to which further growth could be driven
was a key factor in our strategic review of this division, which concluded that
greater focus on content potentially could deliver more value.

Prospects

There are some signs of recovery in the U.K. radio advertising market, with
growth of 6% being predicted for Q3. Despite the particularly strong growth
recorded by talkSPORT in the comparative football World Cup period, we would
expect our G.B. radio division to achieve growth in line with the market in the
current quarter.

In Irish radio we put considerable effort into remedying the issues which led
to underperformance in Q2 in our local radio advertising revenue and an
improving position is now starting to emerge. In the third quarter, advertising
revenue from our radio stations in Ireland is expected to be up by 4%.

The RAJAR audience research published on 16 August 2007 showed mixed results
for our start-up radio stations. U105 in Belfast again recorded significant
increases in reach and share and is well on course to achieve break-even by the
end of next year. talk 107 in Edinburgh has delivered disappointing audience
figures and will need to show considerable improvement if it is to achieve
breakeven by the end of year three. Forecast losses for the full year 2007 for
U105 and talk 107 are £0.6m (2006: £0.9m loss) and £1.7m (2006: £1.7m loss)
respectively.

As with radio, market conditions in U.K. television advertising are showing
some improvement, with ITV1 predicting 1% revenue growth in the third quarter
of 2007 albeit against a very weak comparative. We expect to underperform ITV1
in this quarter with a 6% reduction in our television advertising revenue, but
against a much tougher comparative than that of the network. Encouragingly, the
network's recent programming performance has been stronger and, if this can be
sustained into the autumn, should mitigate some of the drag created by Contract
Rights Renewal.

Our new media division continues to perform well and we are exploring a number
of ways of generating additional revenue from improved content. Broadband and
telephony service provision, however, will continue to be the mainstay of
further profit growth for the remainder of this year.

Group Income Statement

for the six months ended 30 June 2007

                                          Results                              
                                                                               
                                           before                              
                                                                               
                                      Exceptional Exceptional                  
                                                                               
                                            Items       Items    Total    Total
                                                                               
                                               30          30       30       30
                                                                               
                                             June        June     June     June
                                                                               
                              Notes          2007        2007     2007     2006
                                                                               
                                             £000        £000     £000     £000
                                                                               
Continuing operation                                                           
                                                                               
Revenue                       2            57,178           -   57,178   57,125
                                                                               
Operating costs               3          (44,304)       (307) (44,611) (44,763)
                                                                               
                                         --------       ----- -------- --------
                                                                               
Operating profit from         2            12,874       (307)   12,567   12,362
continuing operations before                                                   
tax and finance costs                                                          
                                                                               
Share of results of                           116           -      116      108
associates accounted for                                                       
using the equity method                                                        
                                                                               
                                         --------       ----- -------- --------
                                                                               
Profit from continuing                     12,990       (307)   12,683   12,470
operations before tax and                                                      
finance costs                                                                  
                                                                               
Finance revenue                               534           -      534      127
                                                                               
Finance costs                             (4,265)           -  (4,265)  (4,119)
                                                                               
Foreign exchange gain                          27           -       27       17
                                                                               
                                         --------       ----- -------- --------
                                                                               
Profit before tax             3             9,286       (307)    8,979    8,495
                                                                               
Taxation                      3           (2,212)       1,480    (732)  (2,075)
                                                                               
                                         --------       ----- -------- --------
                                                                               
Profit for the period                       7,074       1,173    8,247    6,420
                                                                               
                                         --------       -----  ------- --------
                                                                               
Attributable to:                                                               
                                                                               
Equity holders of the parent                7,044       1,173    8,217    6,241
                                                                               
Minority interests                             30           -       30      179
                                                                               
                                         --------       ----- -------- --------
                                                                               
                                            7,074       1,173    8,247    6,420
                                                                               
                                         --------       ----- -------- --------

Earnings per share              Note                             2007      2006
                                                                               
Diluted                         5                              14.89p    11.33p
                                                                               
Basic                           5                              15.00p    11.44p
                                                                               
Adjusted                        5                              12.86p    11.44p
                                                                               
Diluted adjusted                5                              12.76p    11.33p
                                                                               
                                                               ------    ------

Dividends                           Note                         £000      £000
                                                                               
Declared and paid during the period                                            
                                                                               
8.00p per share (2006: 7.75p)       4                           4,384     4,227
                                                                               
                                                                -----     -----

Group Statement of Recognised Income and Expense

for the six months ended 30 June 2007

                                                                   30        30
                                                                               
                                                                 June      June
                                                                               
                                                      Note       2007      2006
                                                                               
                                                                 £000      £000
                                                                               
Income and expenses recognised directly in equity                              
                                                                               
Exchange difference on translation of foreign                      29       348
operations                                                                     
                                                                               
Net actuarial gains on defined benefit pension                  5,520     2,640
schemes                                                                        
                                                                               
Profit on cash flow hedges taken to equity                      1,133     1,253
                                                                               
Tax on items taken directly to or transferred from            (1,715)   (1,132)
equity                                                                         
                                                                               
                                                               ------     -----
                                                                               
Net income recognised directly to equity                        4,967     3,109
                                                                               
Profit for the period                                           8,247     6,420
                                                                               
                                                               ------     -----
                                                                               
Total recognised income and expense                            13,214     9,529
                                                                               
                                                               ------    ------
                                                                               
Attributable to:                                                               
                                                                               
Equity holders of the parent                          8        13,184     9,350
                                                                               
Minority interests                                    8            30       179
                                                                               
                                                               ------    ------
                                                                               
                                                      8        13,214     9,529
                                                                               
                                                              -------    ------

Group Balance Sheet

as at 30 June 2007

                                                         30       30         31
                                                                               
                                                       June     June   December
                                                                               
                                           Notes       2007     2006       2006
                                                                               
                                                       £000     £000       £000
                                                                               
ASSETS                                                                         
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                        10,626   11,311     11,036
                                                                               
Intangible assets                                   184,532  205,603    183,706
                                                                               
Investments accounted for using the equity              197      114        116
method                                                                         
                                                                               
Other investments                                        32       32         32
                                                                               
Deferred tax asset                                   18,634    6,848     22,178
                                                                               
Pension surplus                                       1,842        -          -
                                                                               
                                                    -------  -------    -------
                                                                               
                                                    215,863  223,908    217,068
                                                                               
                                                    -------  -------    -------
                                                                               
Current assets                                                                 
                                                                               
Inventories                                             700      649        538
                                                                               
Trade and other receivables                          25,839   27,588     27,694
                                                                               
Financial assets                                      2,712    1,134      1,579
                                                                               
Cash and short term deposits                          5,509    2,998      7,897
                                                                               
                                                    -------  -------    -------
                                                                               
                                                     34,760   32,369     37,708
                                                                               
                                                    -------  -------    -------
                                                                               
TOTAL ASSETS                                        250,623  256,277    254,776
                                                                               
                                                    -------  -------   --------
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Equity attributable to equity holders of                                       
the parent                                                                     
                                                                               
Equity share capital                                  8,327    7,824      8,220
                                                                               
Treasury Shares                                       (360)        -      (360)
                                                                               
Foreign currency reserve                            (1,566)      456    (1,595)
                                                                               
Cash flow hedge reserve                               2,712    1,134      1,579
                                                                               
Retained earnings                                    54,211   43,847     46,479
                                                                               
                                                     ------   ------     ------
                                                                               
                                                     63,324   53,261     54,323
                                                                               
Minority interest                                       190      306        215
                                                                               
                                                     ------   ------     ------
                                                                               
Total equity                               8         63,514   53,567     54,538
                                                                               
                                                     ------   ------     ------
                                                                               
Non-current liabilities                                                        
                                                                               
Interest bearing loans and borrowings      6        108,929  115,354    115,352
                                                                               
Pension liability                                         -    3,680      3,983
                                                                               
Provisions                                            1,135      908        992
                                                                               
Deferred tax liabilities                             39,260   44,999     41,081
                                                                               
                                                    -------  -------    -------
                                                                               
                                                    149,324  164,941    161,408
                                                                               
                                                    -------  -------    -------
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                             26,066   23,763     27,560
                                                                               
Current portion of interest bearing loans  6         10,030   12,564     10,131
and borrowings                                                                 
                                                                               
Tax payable                                           1,534    1,190      1,001
                                                                               
Provisions                                              155      252        138
                                                                               
                                                    -------  -------    -------
                                                                               
Net current liabilities                              37,785   37,769     38,830
                                                                               
                                                    -------  -------    -------
                                                                               
TOTAL LIABILITIES                                   187,109  202,710    200,238
                                                                               
                                                    -------  -------    -------
                                                                               
TOTAL EQUITY AND LIABILITIES                        250,623  256,277    254,776
                                                                               
                                                    -------  -------    -------

Group Cash Flow Statement

for the six months ended 30 June 2007

                                                                   30        30
                                                                               
                                                                 June      June
                                                                               
                                                                 2007      2006
                                                                               
                                                                 £000      £000
                                                                               
Operating activities                                                           
                                                                               
Cash generated from operations before exceptional costs        13,545    12,213
                                                                               
Exceptional costs                                               (357)      (20)
                                                                               
Tax paid                                                        (259)   (1,616)
                                                                               
                                                              -------   -------
                                                                               
Net cash inflow from operating activities                      12,929    10,577
                                                                               
                                                              -------   -------
                                                                               
Investing activities                                                           
                                                                               
Interest received                                                 517       124
                                                                               
Proceeds on disposal of property, plant and equipment              43       104
                                                                               
Purchase of property, plant and equipment                       (680)   (1,474)
                                                                               
Income from investments                                            30         -
                                                                               
Income from associates                                              -       227
                                                                               
Payment to acquire investments                                  (300)         -
                                                                               
Income from sale of shareholding in a joint venture               257         -
                                                                               
                                                              -------   -------
                                                                               
Net cash flows from investing activities                        (133)   (1,019)
                                                                               
                                                              -------    ------
                                                                               
Financing activities                                                           
                                                                               
Borrowing costs                                               (4,100)   (3,966)
                                                                               
Proceeds from exercise of share options                           107         -
                                                                               
Dividends paid to equity holders of the parent                (4,384)   (4,227)
                                                                               
Dividends paid to minority shareholders of subsidiaries          (55)         -
                                                                               
Repayment of borrowings                                       (6,754)  (12,844)
                                                                               
Proceeds from borrowings                                            -     8,000
                                                                               
Repayment of capital element of finance lease                       -       (5)
                                                                               
                                                            --------- ---------
                                                                               
Net cash flows used in financing activities                  (15,186)  (13,042)
                                                                               
                                                            --------- ---------
                                                                               
Net decrease in cash and cash equivalents                     (2,390)   (3,484)
                                                                               
Net foreign exchange differences                                    2        12
                                                                               
Cash and cash equivalents at 1 January                          7,897     6,470
                                                                               
                                                            ---------  --------
                                                                               
Cash and cash equivalents at 30 June                            5,509     2,998
                                                                               
                                                            --------- ---------

Notes to the Interim Report

at 30 June 2007

1. Basis of preparation

The interim financial statements have been prepared on a basis consistent with
the accounting policies adopted for the year ended 31 December 2006 and in
accordance with the accounting policies that the directors anticipate will be
complied with in the annual financial statements. These policies are set out in
the Group's Annual Report and Accounts.

The interim results are unaudited and do not 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 2006, which were prepared under IFRS, as endorsed by
the EC, and have been filed with the registrar of Companies.

2. Segmental analysis

The following is an analysis of the revenue and results for the period,
analysed by business segment, the Group's primary basis of segmentation.

Revenue

Six months ended 30 June 2007                                                  
                                                                               
                          Radio GB       Radio Television   New Media     Total
                                       Ireland                                 
                                                                               
                              £000        £000       £000        £000      £000
                                                                               
Sales to third parties      23,739       7,750     20,648       5,041    57,178
                                                                               
Intersegmental sales           499         335        461          30     1,325
                                                                               
                           -------     -------    -------     -------   -------
                                                                               
Total segmental revenue     24,238       8,085     21,109       5,071    58,503
                                                                               
                           -------     -------    -------     -------   -------
                                                                               
Six months ended 30 June 2006                                                  
                                                                               
                          Radio GB       Radio Television   New Media     Total
                                       Ireland                                 
                                                                               
                              £000        £000       £000        £000      £000
                                                                               
Sales to third parties      23,928       7,796     20,903       4,498    57,125
                                                                               
Intersegmental sales           508         269        688          31     1,496
                                                                               
                           -------     -------    -------     -------   -------
                                                                               
Total segmental revenue     24,436       8,065     21,591       4,529    58,621
                                                                               
                           -------     -------    -------     -------    ------

Results

Six months ended 30 June 2007                                                  
                                                                               
                             Radio GB       Radio Television New Media    Total
                                          Ireland                              
                                                                               
                                 £000        £000       £000      £000     £000
                                                                               
Operating profit for the        4,548       2,169      5,549       608   12,874
period before exceptional                                                      
costs                                                                          
                                                                               
Exceptional items allocable         -           -      (307)         -    (307)
to a business segment                                                          
                                                                               
Share of results of               116           -          -         -      116
associates                                                                     
                                                                               
                              -------     -------    -------   -------  -------
                                                                               
Profit from continuing          4,664       2,169      5,242       608   12,683
operations before tax and                                                      
finance costs                                                                  
                                                                               
                              -------     -------    -------   -------         
                                                                               
Net finance costs                                                       (3,731)
                                                                               
Foreign exchange gain                                                        27
                                                                               
                                                                        -------
                                                                               
Profit before taxation                                                    8,979
                                                                               
Income tax expense                                                        (732)
                                                                               
                                                                        -------
                                                                               
Net profit for the period                                                 8,247
                                                                               
                                                                        -------
                                                                               
Six months ended 30 June 2006                                                  
                                                                               
                             Radio GB       Radio Television New Media    Total
                                          Ireland                              
                                                                               
                                 £000        £000       £000      £000     £000
                                                                               
Operating profit for the        3,898       2,387      5,589       488   12,362
period before exceptional                                                      
costs                                                                          
                                                                               
Share of results of               108           -          -         -      108
associates                                                                     
                                                                               
                              -------     -------    -------   -------  -------
                                                                               
Profit from continuing          4,006       2,387      5,589       488   12,470
operations before tax and                                                      
finance costs                                                                  
                                                                               
                              -------     -------    -------   -------         
                                                                               
Net finance costs                                                       (3,992)
                                                                               
Foreign exchange gain                                                        17
                                                                               
                                                                        -------
                                                                               
Profit before taxation                                                    8,495
                                                                               
Income tax expense                                                      (2,075)
                                                                               
                                                                        -------
                                                                               
Net profit for the period                                                 6,420
                                                                               
                                                                        -------

3. Exceptional items

                                                                   30        30
                                                                               
                                                                 June      June
                                                                               
                                                                 2007      2006
                                                                               
                                                                 £000      £000
                                                                               
Costs associated with aborted transactions                      (307)         -
                                                                               
Tax credit associated with aborted transaction cost                92         -
                                                                               
Gain on net deferred tax liability due to future UK             1,388         -
corporation tax being 28% which was incorporated in the 2007                   
Finance Act                                                                    
                                                                               
                                                               ------    ------
                                                                               
                                                                1,173         -
                                                                               
                                                               ------    ------

4. Dividends

                                                                   30        30
                                                                               
                                                                 June      June
                                                                               
                                                                 2007      2006
                                                                               
                                                                 £000      £000
                                                                               
Equity dividends on ordinary shares                                            
                                                                               
Declared and paid during the period                                            
                                                                               
Final for 2006: 8.00p (2005: 7.75p)                             4,384     4,227
                                                                               
                                                               ------    ------
                                                                               
Proposed but not recognised as a liability at 30 June                          
                                                                               
Interim for 2007: 5.20p                                         2,850          
                                                                               
                                                               ------          
                                                                               

5. Earnings per share

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

Diluted earnings per share is calculated based on the profit for the period and
on the weighted average number of shares adjusted to reflect the dilutive
potential of the Share Option Schemes. The impact of these are summarised
below.

Net profit                                                                    
                                                                              
                                                               30           30
                                                                              
                                                             June         June
                                                                              
                                                             2007         2006
                                                                              
                                                             £000         £000
                                                                              
Net profit attributable to equity holders                   8,217        6,241
                                                                              
                                                           ------      -------
                                                                              
                                                               30           30
                                                                              
                                                             June         June
                                                                              
                                                             2007         2006
                                                                              
                                                             £000         £000
                                                                              
Net profit attributable to equity holders                   8,217        6,241
                                                                              
Exceptional costs                                             307            -
                                                                              
Taxation relating to exceptional items                       (92)            -
                                                                              
Restatement of deferred tax to 28%                        (1,388)            -
                                                                              
                                                          -------      -------
                                                                              
Net profit attributable to ordinary shareholders for        7,044        6,241
adjusted earnings per share                                                   
                                                                              
                                                          -------      -------
                                                                              
Weighted average number of shares                                             
                                                                              
                                                               30           30
                                                                              
                                                             June         June
                                                                              
                                                             2007         2006
                                                                              
                                                        Thousands    Thousands
                                                                              
Weighted average number of shares for basic earnings       54,777       54,546
per share                                                                     
                                                                              
Effect of dilution:                                                           
                                                                              
Share options                                                 407          546
                                                                              
                                                          -------      -------
                                                                              
Adjusted weighted average number of ordinary shares        55,184       55,092
for diluted earnings per share                                                
                                                                              
                                                          -------      -------

6. Financial liabilities

                                                       30        30          31
                                                                               
                                                     June      June    December
                                                                               
                                                     2007      2006        2006
                                                                               
                                                     £000      £000        £000
                                                                               
Current                                                                        
                                                                               
Current instalments due on bank loans              10,030    12,551      10,131
                                                                               
Current obligations under finance leases and            -        13           -
hire purchase contracts                                                        
                                                                               
                                                  -------   -------     -------
                                                                               
                                                   10,030    12,564      10,131
                                                                               
                                                  -------   -------     -------
                                                                               
Non-current                                                                    
                                                                               
Non-current instalments due on bank loans         108,929   115,266     115,352
                                                                               
Non-current obligations under finance leases            -        88           -
and hire purchase contracts                                                    
                                                                               
                                                  -------   -------     -------
                                                                               
                                                  108,929   115,354     115,352
                                                                               
                                                  -------   -------     -------
                                                                               
Total                                             118,959   127,918     125,483
                                                                               
                                                  -------    ------     -------
                                                                               

The bank loans at 30 June 2007 are stated net of deferred financing costs
amounting to £959,000 (30 June 2006 : £1,358,000, 31 December 2006 : £
1,152,000).

7. Net debt

                                                       30        30          31
                                                                               
                                                     June      June    December
                                                                               
                                                     2007      2006        2006
                                                                               
                                                     £000      £000        £000
                                                                               
Bank loans                                      (119,918) (129,276)   (126,635)
                                                                               
Cash and short term deposits                        5,509     2,998       7,897
                                                                               
                                                --------- ---------   ---------
                                                                               
Net debt                                        (114,409) (126,278)   (118,738)
                                                                               
                                                --------- ---------   ---------

8. Reconciliation of movements in equity

                      Equity  Treasury  Foreign   Cash flow  Retained Shareholder
                       share     shares currency      hedge  earnings      equity
                      capital            reserve     reserve                     
                                                                                 
                         £000      £000     £000        £000     £000        £000
                                                                                 
Balance at 1            7,824         -      108       (119)   40,325      48,138
January 2006                                                                     
                                                                                 
Total recognised            -         -      348       1,253    7,749       9,350
income and expense                                                               
in the year                                                                      
                                                                                 
Dividends                   -         -        -           -  (4,227)     (4,227)
                                                                                 
                       ------    ------   ------      ------   ------      ------
                                                                                 
Balance at 30 June      7,824         -      456       1,134   43,847      53,261
2006                                                                             
                                                                                 
Exercise of share         396         -        -           -        -         396
options                                                                          
                                                                                 
Acquisition of              -     (360)        -           -        -       (360)
treasury shares                                                                  
                                                                                 
Total recognised            -         -  (2,051)         445    5,369       3,763
income and expense                                                               
in the year                                                                      
                                                                                 
Dividends paid to           -         -        -           -  (2,737)     (2,737)
equity shareholders                                                              
                                                                                 
                       ------    ------   ------      ------   ------      ------
                                                                                 
Balance at 31           8,220     (360)  (1,595)       1,579   46,479      54,323
December 2006                                                                    
                                                                                 
Exercise of share         107         -        -           -        -         107
options                                                                          
                                                                                 
Total recognised            -         -       29       1,133   12,022      13,184
income and expense                                                               
in the year                                                                      
                                                                                 
Share based payment         -         -        -           -       94          94
                                                                                 
Dividends paid to           -         -        -           -  (4,384)     (4,384)
equity shareholders                                                              
                                                                                 
                       ------    ------   ------      ------   ------      ------
                                                                                 
Balance at 30 June      8,327     (360)  (1,566)       2,712   54,211      63,324
2007                                                                             
                                                                                 
                       ------    ------   ------      ------   ------      ------
                                                                                 
                                                 Shareholder Minority       Total
                                                                                 
                                                      equity interest            
                                                                                 
                                                        £000     £000        £000
                                                                                 
Balance at 1 January 2006                             48,138      127      48,265
                                                                                 
Total recognised income and expense in                 9,350      179       9,529
the year                                                                         
                                                                                 
Dividends                                            (4,227)        -     (4,227)
                                                                                 
                                                      ------   ------      ------
                                                                                 
Balance at 30 June 2006                               53,261      306      53,567
                                                                                 
Exercise of share options                                396        -         396
                                                                                 
Acquisition of treasury shares                         (360)        -       (360)
                                                                                 
Total recognised income and expense in                 3,763      176       3,939
the year                                                                         
                                                                                 
Dividends paid to minority interests                       -    (267)       (267)
                                                                                 
Dividends paid to equity shareholders                (2,737)        -     (2,737)
                                                                                 
                                                      ------   ------      ------
                                                                                 
Balance at 31 December 2006                           54,323      215      54,538
                                                                                 
Exercise of share options                                107        -         107
                                                                                 
Total recognised income and expense in                13,184       30      13,214
the year                                                                         
                                                                                 
Share based payments                                      94        -          94
                                                                                 
Dividends paid to minority interests                       -     (55)        (55)
                                                                                 
Dividends paid to equity shareholders                (4,384)        -     (4,384)
                                                                                 
                                                      ------   ------      ------
                                                                                 
Balance at 30 June 2007                               63,324      190      63,514
                                                                                 
                                                      ------   ------      ------

Independent Review Report to UTV plc

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2007 which comprises the Group Income Statement,
Group Statement of Recognised Income and Expense, Group Balance Sheet, Group
Cash Flow Statement and the related notes 1 to 8. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.

This report is made solely to the company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/
4 'Review of interim financial information' issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied, unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed in
accordance with International Standards on Auditing (UK and Ireland) and
therefore provides a lower level of assurance than an audit. Accordingly we do
not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.

Ernst & Young LLP

Belfast