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UTV Media PLC (UTV)

  Print      Mail a friend       Annual reports

Thursday 13 March, 2008

UTV Media PLC

Final Results


UTV Media plc

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

Preliminary Results

for the year ended 31 December 2007

Financial Highlights

  * Diluted adjusted earnings per share up by 13% to 26.12p (2006: 23.08p)
   
  * Group revenue up 2% at £115.6m (2006: £113.6m)
   
  * Group operating profit, including associate income and before exceptional
    charges was up 5% at £26.0m (2006: £24.8m) after charging radio start up
    losses of £2.4m (2006: £2.6m)
   
  * Radio operating profit up 21% at £14.5m (2006: £12.0m) after charging
    start-up losses of £2.4m (2006: £2.6m) in respect of our radio stations in
    Belfast and Edinburgh
   
  * Television operating profit down 14% at £10.1m (2006: £11.7m)
   
  * New Media operating profit up 30% at £1.4m (2006: £1.1m)
   
  * An 8.30p final dividend resulting in a full year dividend of 13.50p (2006:
    13.00p), an increase of 4%
   
  * Net debt reduced by £10.4m to £107.2m (2006: £117.6m)
   
Operational Highlights

  * Radio advertising revenue in Great Britain grew by 6% on a like for like
    basis, compared to a market growth of 3%
   
- talkSPORT performed particularly well with growth of 12%

  * Radio advertising in Ireland grew by 4% on a like for like basis
   
  * Television advertising revenue reduced by 1.7% outperforming the ITV
    network which reduced by 4%
   
  * New Media revenues grew by 3%
   
  * Acquisition of FM104, the leading independent commercial radio station in
    Dublin
   
John McCann, Group Chief Executive, UTV Media Group, said:

"I am pleased that we are able to announce another strong set of results and
continued out-performance of the wider market. Earnings per share increased by
13% and, notwithstanding the continued investment in our start-up stations,
operating profit from our Radio businesses increased by 21%. New Media
operating profit grew by 30% and our Television division again out-performed
the ITV network against the backdrop of a difficult television market.

"UTV's continued success compared to our media peer group is extremely
reassuring. Our strategy of driving organic earnings growth, which in turn
enables continuing investment in key commercial areas, remains core to our
success. This coupled with our recently announced acquisitions of Dublin's
leading radio station, FM104, and Tibus, a web services company, will allow us
to build further in our core markets.

"UTV's trading performance for the early part of 2008 is encouraging and our
outlook for the year is cautiously optimistic given the current market
uncertainty."

Key Dates 

  * 25 March 2008 - record date for payment of dividends
   
  * 7 April 2008 - Extraordinary General Meeting for approval of the
    acquisition of FM104
   
  * 16 May 2008 - date of Annual General Meeting
   
  * 11 June 2008 - payment of dividends
   
For further information contact:

Maitland +44 (0) 20 7379 5151

Anthony Silverman

Rowan Brown

UTV Media plc

John McCann Group Chief Executive +44 (0) 28 9026 2202

Paul O'Brien Group Finance Director +44 (0) 28 9026 2098

Orla McKibbin Head of Press and PR +44 (0) 28 9026 2188

Chairman's Statement

Introduction

Our continuing ability to outperform the wider market and the success of our
strategy of investing in radio are amply demonstrated in these results which
show diluted adjusted earnings per share up by 13% to 26.12p (2006: 23.08p). In
challenging market conditions, our radio division improved operating profits by
21%, representing 56% of group operating profits, while our new media division
grew operating profits by 30%. These two divisions contributed an additional £
2.8m of operating profit to the group compared to the previous year, more than
offsetting the £1.6m fall in operating profit from the television division and
resulting in a 5% improvement in group operating profit before exceptional
items.

Results and dividend

Operating profit, including associates, before exceptional items and
incorporating radio start-up losses of £2.4m (2006: £2.6m), was up by £1.2m to
£26.0m (2006: £24.8m). Of this amount, radio contributed £14.5m (2006: £12.0m),
television £10.1m (2006: £11.7m) and new media £1.4m (2006: £1.1m).

With a reduced net interest charge of £7.4m (2006: £8.0m) and foreign exchange
gains of £0.1m (2006: £0.0m), group profit before exceptional items and
taxation was up by 11% to £18.7m (2006: £16.8m).

Net exceptional gains were £0.4m (2006: £0.5m loss). These comprised a £1.4m
gain on the net deferred tax liability due to future UK corporation tax being
restated to 28%, aborted transaction costs of £0.4m, corporate restructuring of
holding company structures costs of £1.2m and a profit realised on disposal of
investments of £0.6m.

Your Board recommends a final dividend of 8.30p (2006: 8.00p) which represents
a 4% increase over last year making a total for the year of 13.50p (2006:
13.00p), an increase of 4%. The final dividend will be paid on 11 June 2008 to
all shareholders on the Register at the close of business on 25 March 2008. The
Annual General Meeting will be held on 16 May 2008.

Radio

Our radio division accounted for 56% of group revenue in the period, with £
47.9m (2006: £45.7m) deriving from our GB stations and £16.6m (2006: £15.9m)
coming from Ireland. The latter generated £5.2m (2006: £4.9m) of operating
profit in the year after start-up losses of £0.7m (2006: £0.9m) while the
former contributed £9.3m (2006: £7.1m) to operating profit after start-up
losses of £1.7m (2006: £1.7m). The short-term issues in local advertising
revenue at our Irish radio stations, which we had identified in Q2, were
quickly addressed, leading to a much improved position in the second half and
an overall increase of 4% in Irish radio advertising, delivering profits after
start-up losses up by 7% in the full year. A 5% improvement in advertising
revenue at our GB radio stations compares to a 3% increase in the total radio
advertising market. talkSPORT's 12% improvement in revenue was particularly
strong given that the comparative figure included significant World Cup 2006
revenue. With the costs associated with coverage of the World Cup dropping out,
operating profits after start-up losses at our GB radio stations were up by an
impressive 31%.

Television

ITV1's programme schedule delivered slightly more commercial impacts for
advertisers in 2007 but, despite this, its share of commercial impacts was down
by 3%. Contract Rights Renewal, therefore, again impacted upon ITV1's
advertising revenue leading to a 4% fall. We again outperformed ITV1 with a 2%
reduction in our television advertising revenue, resulting in a record 2.87%
share. Total television revenue fell from £42.4m in 2006 to £41.3m in 2007,
translating into a 14% fall in television operating profit to £10.1m (2006: £
11.7m).

New Media

After a number of years of substantial growth, revenue in this division
increased by 3%. Growth would have been higher except for the termination of
one particular sub-contract, but with very narrow margins on that contract,
operating profit growth was sustained at 30%, contributing £1.4m (2006: £1.1m)
to group profitability.

Prospects

Our trading performance in the early part of 2008 is encouraging. Revenue at
our GB radio stations is expected to grow by 9% in the first quarter with
talkSPORT's anticipated 20% improvement being particularly strong. Losses at
our start-up station in Edinburgh, talk107, are expected to be significantly
lower this year at £1.0m (2007: £1.7m). We remain committed to our target of
achieving breakeven at this station during 2009. The winning consortium for the
second national digital radio multiplex, in which we are a 10% shareholder, is
making good progress in bringing this new service to air in the second half of
2008. As part of our investment, we will be launching a new national
speech-based radio station, talkRADIO, on this platform. Initial losses for us
in launching the station, the multiplex and our new radio station in Preston,
are expected to be £1.2m in 2008.

Growth is also being achieved in our Irish radio stations where first quarter
sterling revenues are expected to be up by 20%, with currency translation gain
contributing 12% of this growth. Our proposed acquisition of FM104, the leading
independent commercial radio station in Dublin, will complement the sales
proposition of our existing Dublin station, Q102, and enhance our ability to
deliver significant audiences in nearly all the major urban areas in Ireland.
Our new radio station in Belfast, U105, continues to make good progress and
losses in 2008 are forecast to fall to £0.4m (2007: £0.7m loss), with breakeven
targeted for 2009.

We continue to outperform in a difficult television environment and expect our
television advertising revenue to be flat in the first quarter of 2008 compared
to the network being 2% down. The contract rights renewal undertakings continue
to distort market mechanisms and I welcome the announcement that these
undertakings are to be reviewed by the Office of Fair Trading and OFCOM.

Our strategic review of our new media division concluded that we should focus
more on content delivery and, hence, our acquisition of a web development
company, Tibus, on 13 February 2008, for a consideration of up to £5.0m. Our
existing new media business continues to perform well. Like for like revenue in
the first quarter of 2008 is likely to be slightly down as the result of a
contract not being renewed, but profit margins should be enhanced because of
the very low margins associated with that contract.

People

Mrs Helen Morrow retired from the Board on 30 November 2007 having served your
Company with distinction for three consecutive terms. I wish to record my deep
appreciation of her considerable contribution to our deliberations through a
period of significant change. Miss Helen Kirkpatrick joined the Board on 29
August 2007 and we look forward to her continuing valuable contribution in the
years ahead.

I also want to express my appreciation of the Board, management and staff whose
commitment and dedication make success possible.

John B McGuckian

Chairman

13 March 2008

Group Income Statement

For the year ended 31 December 2007

                             Results                   Results                  
                                                                                
                              before                    before                  
                                                                                
                             Except- Except-           Except-  Except-         
                                                                                
                               ional   ional             ional    ional         
                                                                                
                               Items   Items    Total    Items    Items    Total
                                                                                
                      Notes     2007    2007     2007     2006     2006     2006
                                                                                
                                £000    £000     £000     £000     £000     £000
                                                                                
Continuing operations                                                           
                                                                                
Revenue                   3  115,573       -  115,573  113,583        -  113,583
                                                                                
Operating costs             (89,809)       - (89,809) (88,968)        - (88,968)
                                                                                
                             ------- -------   ------  -------  -------  -------
                                                                                
Operating profit before       25,764       -   25,764   24,615        -   24,615
impairment                                                                      
                                                                                
Impairment of             4        -       -        -        - (14,877) (14,877)
intangible assets                                                               
                                                                                
                             ------- -------   ------  -------  -------  -------
                                                                                
Operating profit from         25,764       -   25,764   24,615 (14,877)    9,738
continuing operations                                                           
before tax and                                                                  
finance costs                                                                   
                                                                                
Non-operational           4        -   (955)    (955)        -  (5,833)  (5,833)
exceptional costs                                                               
                                                                                
Share of results of              244       -      244      211        -      211
associates accounted                                                            
for using the equity                                                            
method                                                                          
                                                                                
                             ------- -------   ------  -------  -------  -------
                                                                                
Profit from               3   26,008   (955)   25,053   24,826 (20,710)    4,116
continuing operations                                                           
before tax and                                                                  
finance costs                                                                   
                                                                                
Finance revenue                  547       -      547      360        -      360
                                                                                
Finance costs                (7,961)       -  (7,961)  (8,381)        -  (8,381)
                                                                                
Foreign exchange gain             97       -       97        -        -        -
                                                                                
                             ------- -------   ------  -------  -------  -------
                                                                                
Profit before tax             18,691   (955)   17,736   16,805 (20,710)  (3,905)
                                                                                
Taxation                  5  (4,262)   1,376  (2,886)  (3,611)   20,186   16,575
                                                                                
                             ------- -------   ------  -------  -------  -------
                                                                                
Profit for the year       3   14,429     421   14,850   13,194    (524)   12,670
                                                                                
                            -------- -------   ------ -------- -------- --------
                                                                                
Attributable to:                                                                
                                                                                
Equity holders of the         14,277     421   14,698   12,839    (524)   12,315
parent                                                                          
                                                                                
Minority interests               152       -      152      355        -      355
                                                                                
                             ------- -------   ------  -------  -------  -------
                                                                                
                              14,429     421   14,850   13,194    (524)   12,670
                                                                                
                             -------  ------    -----  -------  -------  -------
                                                                                
                                                                   2007     2006
                                                                                
Earnings per share                                                              
                                                                                
Diluted                   6                                      26.47p   22.39p
                                                                                
Basic                     6                                      26.80p   22.55p
                                                                                
Adjusted                  6                                      26.44p   23.25p
                                                                                
Diluted adjusted          6                                      26.12p   23.08p
                                                                                
                                                                 ------   ------

Group Statement of Recognised Income and Expense

For the year ended 31 December 2007

                                                     Note       2007       2006
                                                                               
                                                                £000       £000
                                                                               
Income and expenses recognised directly in equity                              
                                                                               
Exchange difference on translation of foreign                  2,948    (1,703)
operations                                                                     
                                                                               
Net actuarial gain on defined benefit pension                  1,514      1,808
schemes                                                                        
                                                                               
Profits on cash flow hedges taken to equity                      136      1,838
                                                                               
Tax on items taken directly to or transferred                   (24)    (1,005)
from equity                                                                    
                                                                               
                                                              ------     ------
                                                                               
                                                               4,574        938
                                                                               
Transfers to the income statement                                              
                                                                               
On cash flow hedges - finance cost                             (813)      (140)
                                                                               
                                                              ------     ------
                                                                               
Net income recognised directly in equity                       3,761        798
                                                                               
Profit for the year                                     3     14,850     12,670
                                                                               
                                                              ------      -----
                                                                               
Total recognised income and expense for the year              18,611     13,468
                                                                               
                                                             -------    -------
                                                                               
Attributable to:                                                               
                                                                               
Equity holders of the parent                                  18,459     13,113
                                                                               
Minority interests                                               152        355
                                                                               
                                                               -----      -----
                                                                               
Total recognised income and expense                           18,611     13,468
                                                                               
                                                             -------     ------

Group Balance Sheet

At 31 December 2007

                                                                2007       2006
                                                                               
ASSETS                                              Notes       £000       £000
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                                 10,452     11,036
                                                                               
Intangible assets                                            189,628    183,706
                                                                               
Investments accounted for using the equity method                198        116
                                                                               
Other investments                                                300         32
                                                                               
Deferred tax asset                                            17,060     22,178
                                                                               
                                                            --------   --------
                                                                               
                                                             217,638    217,068
                                                                               
                                                            --------   --------
                                                                               
Current assets                                                                 
                                                                               
Inventories                                                      493        538
                                                                               
Trade and other receivables                                   27,931     27,694
                                                                               
Financial assets                                                 902      1,579
                                                                               
Cash and short term deposits                            8     10,237      7,897
                                                                               
                                                            --------   --------
                                                                               
                                                              39,563     37,708
                                                                               
                                                            --------   --------
                                                                               
TOTAL ASSETS                                                 257,201    254,776
                                                                               
                                                            --------   --------
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Equity attributable to equity holders of the parent                            
                                                                               
Equity share capital                                    9      8,086      8,220
                                                                               
Capital redemption reserve                              9         50          -
                                                                               
Treasury shares                                         9      (740)      (360)
                                                                               
Foreign currency reserve                                9      1,353    (1,595)
                                                                               
Cash flow hedge reserve                                 9        902      1,579
                                                                               
Retained earnings                                       9     61,405     46,479
                                                                               
                                                            --------   --------
                                                                               
                                                              71,056     54,323
                                                                               
Minority interest                                       9        312        215
                                                                               
                                                            --------   --------
                                                                               
Total equity                                                  71,368     54,538
                                                                               
                                                            --------   --------
                                                                               
Non-current liabilities                                                        
                                                                               
Financial liabilities                                   8    107,032    115,352
                                                                               
Pension liability                                              1,861      3,983
                                                                               
Provisions                                                       910        992
                                                                               
Deferred tax liabilities                                      38,420     41,081
                                                                               
                                                            --------   --------
                                                                               
                                                             148,223    161,408
                                                                               
                                                            --------   --------
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                                      25,103     27,560
                                                                               
Financial liabilities                                   8     10,391     10,131
                                                                               
Tax payable                                                    1,697      1,001
                                                                               
Provisions                                                       419        138
                                                                               
                                                            --------   --------
                                                                               
Net current liabilities                                       37,610     38,830
                                                                               
                                                            --------   --------
                                                                               
TOTAL LIABILITIES                                            185,833    200,238
                                                                               
                                                            --------   --------
                                                                               
TOTAL EQUITY AND LIABILITIES                                 257,201    254,776
                                                                               
                                                              ------     ------

Group Cash Flow Statement

For the year ended 31 December 2007

                                                                2007       2006
                                                                               
                                                     Note       £000       £000
                                                                               
Operating activities                                                           
                                                                               
Profit before tax                                             17,736    (3,905)
                                                                               
Adjustments to reconcile profit before tax to                                  
net cash flows from operating activities                                       
                                                                               
Foreign exchange gain                                           (97)          -
                                                                               
Net finance costs                                              7,414      8,021
                                                                               
Share of results of associates                                 (244)      (211)
                                                                               
Non-operational exceptional costs                                955      5,833
                                                                               
Impairment of intangible assets                                    -     14,877
                                                                               
Depreciation of property, plant and equipment                  1,829      1,939
                                                                               
Difference between pension contributions paid                  (607)      (530)
and amounts recognised in the income statement                                 
                                                                               
Decrease in inventories                                           45        294
                                                                               
Decrease in trade and other receivables                        1,282      1,023
                                                                               
(Decrease)/Increase in trade and other payables              (2,616)        468
                                                                               
Movement in provisions                                           199      (216)
                                                                               
Profits from sale of property, plant and equipment              (30)       (68)
                                                                               
Share based payments                                             417          -
                                                                               
                                                            --------   --------
                                                                               
Cash generated from operations before exceptional costs       26,283     27,525
                                                                               
Exceptional costs (see note 4)                               (1,723)          -
                                                                               
Tax paid                                                       (417)    (2,379)
                                                                               
                                                            --------   --------
                                                                               
Net cash inflow from operating activities                     24,143     25,146
                                                                               
                                                            --------   --------
                                                                               
Investing activities                                                           
                                                                               
Interest received                                                534        366
                                                                               
Proceeds on disposal of property, plant and equipment             71        438
                                                                               
Purchase of property, plant and equipment                    (1,257)    (2,351)
                                                                               
Dividends received from associates                                91        295
                                                                               
Proceeds from disposal of investment & joint venture             928          -
                                                                               
Deposit on acquisition of FM104                              (1,140)          -
                                                                               
Acquisition of investment                                      (300)          -
                                                                               
Acquisition of trade and net assets                            (400)          -
                                                                               
                                                            --------   --------
                                                                               
Net cash flows from investing activities                     (1,473)    (1,252)
                                                                               
                                                            --------   --------
                                                                               
Financing activities                                                           
                                                                               
Borrowing costs                                              (7,634)    (7,979)
                                                                               
Proceeds from exercise of share options                          107        396
                                                                               
Acquisition of treasury shares                                 (380)      (360)
                                                                               
Dividends paid to equity shareholders                        (7,216)    (6,964)
                                                                               
Dividends paid to minority interests                            (55)      (267)
                                                                               
Repayment of borrowings                                     (10,639)   (36,341)
                                                                               
Proceeds from borrowings                                           -     29,383
                                                                               
Repayment of finance leases                                        -      (107)
                                                                               
Share placement                                                5,346          -
                                                                               
                                                            --------   --------
                                                                               
Net cash flows used in financing activities                 (20,471)   (22,239)
                                                                               
                                                            --------   --------
                                                                               
Net increase in cash and cash equivalents                      2,199      1,655
                                                                               
Net foreign exchange differences                                 141       (34)
                                                                               
Cash and cash equivalents at 1 January                         7,897      6,276
                                                                               
                                                            --------   --------
                                                                               
Cash and cash equivalents at 31 December                8     10,237      7,897
                                                                               
                                                            --------   --------

Notes to the Group Financial Statements

For the year ended 31 December 2007

 1. Basis of preparation
   
The Group's financial statements consolidate those of UTV Media 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 the IASB as
adopted by the EU ("IFRS"). The accounts are principally prepared on the
historical cost basis except where other bases are applied under the Group's
accounting policies.

The financial information set out herein does not constitute the Company's
statutory report and accounts for the year ended 31 December 2007.

 2. New holding company
   
On 12 October 2007 (the effective date of the scheme), the Company acquired
100% of the issued share capital of UTV plc by the issue of one new share in
UTV Media plc for each share issued in UTV plc. The Group reconstruction has
been accounted for using the pooling of interests accounting principles, since
the new shareholders in the Company are the same as the former shareholders and
the rights of each shareholder, relative to the others, are unchanged.

The consolidated accounts are prepared as if the scheme had been effective on 1
January 2006 except for the effect of the capital restructuring and subsequent
reduction of capital which took place on 12 October 2007. This scheme of
arrangement does not have any impact on the consolidated financial results of
the Group.

 3. 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 Radio and Television 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 segments 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 - radio in GB, radio in
Ireland, commercial television and new media - all of which are continuing
operations. The following tables present revenue and profit information and
certain asset and liability information regarding the Group's business segments
for the years ended 31 December 2007 and 2006.

Revenue

Year ended 31 December 2007                                                
                                                                           
                            Radio GB      Radio Television      New   Total
                                        Ireland               Media        
                                                                           
                                £000       £000       £000     £000    £000
                                                                           
Sales to third parties        47,914     16,587     41,278    9,794 115,573
                                                                           
Intersegmental sales           1,028        719        977       60   2,784
                                                                           
                              ------     ------    -------   ------  ------
                                                                           
Total segmental revenue       48,942     17,306     42,255    9,854 118,357
                                                                           
                              ------     ------    -------   ------  ------

Year ended 31 December 2006                                                 
                                                                            
                            Radio GB      Radio Television New Media   Total
                                        Ireland                             
                                                                            
                                £000       £000       £000      £000    £000
                                                                            
Sales to third parties        45,741     15,937     42,410     9,495 113,583
                                                                            
Intersegmental sales             997        591      1,177        60   2,825
                                                                            
                             -------    -------    -------   -------  ------
                                                                            
Total segmental revenue       46,738     16,528     43,587     9,555 116,408
                                                                            
                              ------     ------    -------    ------  ------

Results

Year ended 31 December 2007                                                 
                                                                            
                            Radio GB      Radio Television New Media   Total
                                        Ireland                             
                                                                            
                                £000       £000       £000      £000    £000
                                                                            
Profit from continuing         9,310      5,229     10,101     1,368  26,008
operations before exceptional                                               
costs, tax and finance costs                                                
                                                                            
                             -------    -------    -------   -------        
                                                                            
Exceptional costs not allocable to business segments                   (955)
                                                                            
Net finance costs                                                    (7,414)
                                                                            
Foreign exchange gain                                                     97
                                                                            
                                                                      ------
                                                                            
Profit before tax                                                     17,736
                                                                            
Taxation                                                             (2,886)
                                                                            
                                                                      ------
                                                                            
Net profit for the year                                               14,850
                                                                            
                                                                      ------

Year ended 31 December 2006                                                 
                                                                            
                             Radio GB     Radio Television      New    Total
                                        Ireland               Media         
                                                                            
                                 £000      £000       £000     £000     £000
                                                                            
Profit from continuing       (13,044)     4,907     11,197    1,056    4,116
operations before tax and                                                   
finance costs                                                               
                                                                            
Exceptional costs, allocable   20,166         -        544        -   20,710
to a business segment                                                       
                                                                            
                             --------  --------   --------   ------    -----
                                                                            
Profit from continuing          7,122     4,907     11,741    1,056   24,826
operations before                                                           
exceptional costs, tax and                                                  
finance costs                                                               
                                                                            
                             --------  --------   -------- --------         
                                                                            
Exceptional costs                                                   (20,710)
                                                                            
Net finance costs                                                    (8,004)
                                                                            
Foreign exchange loss                                                   (17)
                                                                            
                                                                    --------
                                                                            
Profit before taxation                                               (3,905)
                                                                            
Taxation                                                              16,575
                                                                            
                                                                    --------
                                                                            
Net profit for the year                                               12,670
                                                                            
                                                                    --------

4. Exceptional items

                                                              2007      2006
                                                                            
                                                              £000      £000
                                                                            
Profit on disposal of investments                              643         -
                                                                            
Costs associated with aborted transaction                    (402)     (544)
                                                                            
Fundamental restructuring costs                            (1,196)         -
                                                                            
Impairment of intangible assets                                  -  (13,400)
                                                                            
Goodwill write off                                               -   (1,477)
                                                                            
Adjustment to goodwill                                           -   (5,289)
                                                                            
                                                           -------   -------
                                                                            
                                                            ( 955)  (20,710)
                                                                            
                                                          --------  --------

In 2007 the Group disposed of its 8% shareholding in Somethin' Else Sound
Productions Limited and the 1.686% shareholding in Independent Television
Facilities Centre Limited, resulting in a total profit of £643,000.

In 2007 the Group completed a corporate reorganisation, by way of a
Court-approved scheme of arrangement under Article 419 of the Companies
(Northern Ireland) Order 1986. Under this scheme a new listed holding company
for the Group was created. The total associated costs were £1,196,000.

Costs totalling £402,000 were incurred in determining the feasibility of and
the potential to finance a possible transaction which did not proceed (2006: £
544,000).

There was an exceptional tax credit of £1,376,000 in 2007 (2006: £20,186,000).

 5. Taxation
   
(a) Tax on profit on ordinary activities

                                                             2007      2006
                                                                           
                                                             £000      £000
                                                                           
Current income tax:                                                        
                                                                           
UK corporation tax on profits for the period                (149)     (794)
                                                                           
Adjustments in respect of previous years                      339        82
                                                                           
                                                           ------    ------
                                                                           
                                                              190     (712)
                                                                           
Foreign tax:                                                               
                                                                           
ROI corporation tax on profits for the period               (644)     (715)
                                                                           
                                                             ----      ----
                                                                           
Total current tax                                           (454)   (1,427)
                                                                           
Deferred tax:                                                              
                                                                           
Origination and reversal of timing differences            (3,518)   (2,259)
                                                                           
Adjustments in respect of previous periods                  (290)        75
                                                                           
                                                             ----      ----
                                                                           
Tax charge in the income statement on operating           (4,262)   (3,611)
activities                                                                 
                                                                           
                                                            -----     -----
                                                                           

(b) Exceptional credit

During the year, the 2007 Finance Act asserted that the UK Corporation tax rate
from 2008 would be 28%. Accordingly all deferred tax assets and liabilities
have been restated to recognise the future gains and charges to be recognised
thereon at this rate. This resulted in a net credit of £1,376,000 in the year.

6. Earnings per 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 are calculated based on the profit for the
financial year attributable to equity holders of the parent adjusted for the
exceptional items. This calculation uses the weighted average number of shares
in issue during the period.

Diluted earnings per share are calculated based on profit for the financial
year attributable to equity holders of the parent. The weighted average number
of shares is adjusted to reflect the dilutive potential of the Share Option
Schemes.

Diluted adjusted earnings per share are calculated based on profit for the
financial year attributable to equity holders of the parent before exceptional
items. The weighted average number of shares is adjusted to reflect the
dilutive potential of 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                                                      2007       2006
                                                                               
                                                                £000       £000
                                                                               
Net profit attributable to equity holders                     14,698     12,315
                                                                               
Exceptional items                                              (421)        524
                                                                               
Taxation relating to above items                                 225      (142)
                                                                               
                                                             -------   --------
                                                                               
Net profit attributable to ordinary shareholders for          14,502     12,697
adjusted and diluted earnings per share                                        
                                                                               
                                                             -------    -------
                                                                               
Weighted average number of shares                                              
                                                                               
                                                                2007       2006
                                                                               
                                                           thousands  thousands
                                                                               
Weighted average number of shares for basic and adjusted      54,846     54,601
earnings per share                                                             
                                                                               
Effect of dilution of the share options                          671        407
                                                                               
                                                             -------    -------
                                                                               
Adjusted weighted average number of ordinary shares for       55,517     55,008
diluted earnings per share                                                     
                                                                               
                                                              ------     ------
                                                                               
Earnings per share                                                             
                                                                               
                                                                2007       2006
                                                                               
Diluted                                                       26.47p     22.39p
                                                                               
                                                             -------    -------
                                                                               
Basic                                                         26.80p     22.55p
                                                                               
                                                             -------    -------
                                                                               
Adjusted                                                      26.44p     23.25p
                                                                               
                                                             -------    -------
                                                                               
Diluted adjusted                                              26.12p     23.08p
                                                                               
                                                             -------    -------

7. Dividends

                                                                  2007    2006
                                                                              
                                                                  £000    £000
                                                                              
Equity dividends on ordinary shares                                           
                                                                              
Declared and paid during the year                                             
                                                                              
Final for 2006: 8.00 p (2005: 7.75p)                             4,384   4,227
                                                                              
Interim for 2007: 5.20 p (2006: 5.00p)                           2,832   2,737
                                                                              
                                                                  ----   -----
                                                                              
Dividends paid                                                   7,216   6,964
                                                                              
                                                               ------- -------
                                                                              
Proposed for approval at Annual General Meeting (not recognised as a liability
at 31 December)                                                               
                                                                              
Final dividend for 2007: 8.30p (2006: 8.00p)                     4,776        
                                                                              
                                                                  ----        

8. Net debt

                                                              2007         2006
                                                                               
                                                              £000         £000
                                                                               
Current                                                                        
                                                                               
Cash and cash equivalents                                   10,237        7,897
                                                                               
Current instalments due on bank loans                     (10,391)     (10,131)
                                                                               
                                                          --------     --------
                                                                               
                                                             (154)      (2,234)
                                                                               
                                                          --------     --------
                                                                               
Non-current                                                                    
                                                                               
Non-current instalments due on bank loans                (107,032)    (115,352)
                                                                               
                                                          --------     --------
                                                                               
                                                         (107,032)    (115,352)
                                                                               
                                                          --------     --------
                                                                               
Net debt                                                 (107,186)    (117,586)
                                                                               
                                                          --------     --------

The borrowings at 31 December 2007 are stated net of £777,000 (2006: £
1,152,000) of deferred financing costs.

9. Reconciliation of movements in equity

                                                           Cash                   
                                                                                  
                       Equity                   Foreign    flow                   
                                                                                  
                        Share Capital Treasury currency   hedge     Ret'd S'holder
                                                                                  
                      capital reserve   shares  reserve reserve  earnings   equity
                                                                                  
                         £000    £000     £000     £000    £000      £000     £000
                                                                                  
Balance at 1            7,824       -        -      108   (119)    40,325   48,138
January 2006                                                                      
                                                                                  
Exercise of share         396       -        -        -       -         -      396
options                                                                           
                                                                                  
Acquisition of              -       -    (360)        -       -         -    (360)
treasury shares                                                                   
                                                                                  
Total recognised            -       -        -  (1,703)   1,698    13,118   13,113
income and expense                                                                
in the year                                                                       
                                                                                  
Dividends paid to           -       -        -        -       -   (6,964)  (6,964)
equity shareholders                                                               
                                                                                  
                       ------  ------   ------   ------  ------    ------  -------
                                                                                  
Balance at 31           8,220       -    (360)  (1,595)   1,579    46,479   54,323
December 2006                                                                     
                                                                                  
Exercise of share         107       -        -        -       -         -      107
options                                                                           
                                                                                  
Acquisition of              -       -    (380)        -       -         -    (380)
treasury shares                                                                   
                                                                                  
Capital restructure   183,478       -        -        -       - (183,478)        -
                                                                                  
Reduction in        (189,065)      50        -        -       -   189,015        -
capital                                                                           
                                                                                  
Share placing           5,346       -        -        -       -         -    5,346
                                                                                  
Total recognised            -       -        -    2,948   (677)    16,188   18,459
income and expense                                                                
in the year                                                                       
                                                                                  
Share based payment         -       -        -        -       -       417      417
                                                                                  
Dividends paid to           -       -        -        -       -   (7,216)  (7,216)
equity shareholders                                                               
                                                                                  
                        -----    ----    -----    -----    ----     -----    -----
                                                                                  
Balance at 31           8,086      50    (740)    1,353     902    61,405   71,056
December 2007                                                                     
                                                                                  
                        -----    ----    -----    -----    ----     -----    -----
                                                                                  
                                                          Share  Minority    Total
                                                                                  
                                                         holder  interest         
                                                                                  
                                                         equity                   
                                                                                  
                                                           £000      £000     £000
                                                                                  
Balance at 1 January 2006                                48,138       127   48,265
                                                                                  
Exercise of share options                                   396         -      396
                                                                                  
Acquisition of treasury shares                            (360)         -    (360)
                                                                                  
Total recognised income and expense in the year          13,113       355   13,468
                                                                                  
Dividends paid to minority interests                          -     (267)    (267)
                                                                                  
Dividends paid to equity shareholders                   (6,964)         -  (6,964)
                                                                                  
                                                        -------   -------  -------
                                                                                  
Balance at 31 December 2006                              54,323       215   54,538
                                                                                  
Exercise of share options                                   107         -      107
                                                                                  
Acquisition of treasury shares                            (380)         -    (380)
                                                                                  
Share placing                                             5,346         -    5,346
                                                                                  
Total recognised income and expense in the year          18,459       152   18,611
                                                                                  
Share based payment                                         417         -      417
                                                                                  
Dividends paid to minority interests                          -      (55)     (55)
                                                                                  
Dividends paid to equity shareholders                   (7,216)         -  (7,216)
                                                                                  
                                                        -------  -------- --------
                                                                                  
Balance at 31 December 2007                              71,056       312   71,368
                                                                                  
                                                        -------   ------- --------

This summary has been approved by our Directors for release to the Press today
13 March 2008 and the full printed Annual Report and Accounts will be posted to
Shareholders and Stock Exchanges on 16 April 2008.  Copies will be available to
the public at the Company's registered office Ormeau Road, Belfast BT7 1EB from
that date.