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UTV Media PLC (UTV)

  Print      Mail a friend       Annual reports

Thursday 12 March, 2009

UTV Media PLC

Final Results


Preliminary Announcement

31 December 2008

UTV Media plc

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

Preliminary Results

for the year ended 31 December 2008

Financial highlights on continuing operations

  * Group turnover up 6% to £120.3m (2007: £113.8m)
   
  * Pre-tax profits before exceptional items of £20.3m (2007: £20.8m)
   
  * Group operating profit, including associates, is £28.1m (2007: £28.1m)
   
  * Radio operating profit, including income from associates, up 12% to £18.5m
    (2007: £16.6m) accounting for 66% of total
   
  * Television operating profits down 24% to £7.7m (2007: £10.1m)
   
  * New Media operating profits up by 44% to £2.0m (2007: £1.4m)
   
  * Anticipated cost savings of £5m in 2009
   
  * Exceptional costs before tax of £4.5m (2007: £1.0m)
   
  * Final dividend of 2.00p (2007: 8.30p) resulting in a full year dividend of
    5.30p (2007: 13.50p)
   
  * Raised a net £47.5m in a 2 for 3 rights issue
   
  * New banking facilities totalling £95m and €50m in place through to July
    2013
   
Operational highlights on continuing operations

  * Tibus acquired on 12 February 2008 for £4.05m (including costs) and FM104
    on 10 April 2008 for £43.6m (including costs)
   
  * Radio revenue up by 13% to £70.8m (2007: £62.8m)
   
  * GB Radio revenue marginally down to £45.9m (2007: £46.2m) but with
    talkSPORT revenue up by 6% to £22.7m (2007: £21.4m)
   
  * Irish radio revenue up by 50% to £24.9m (2007: £16.6m) with like for like
    revenue growing by 1%
   
  * Television advertising revenue reduced by 7% to £35.4m (2007: £38.2m)
   
  * New media revenue up by 18% to £11.5m (2007: £9.8m)
   
John McCann, Group Chief Executive, UTV Media plc, said:

"Given the wider context of the economy and advertising markets, I am pleased
with today's results and our prospects for the future."

"These are clearly unprecedented times and the impact on the Irish and UK
economies is well documented. The advertising sector is feeling the full force
of the downturn and clearly that is an issue we are actively addressing. We
moved early to raise capital and reduce debt through the rights issue and have
aggressively cut costs throughout the business. Consequently we have once again
outperformed the broadcasting sector and I believe we have the ability to
maintain that outperformance. We are not complacent about the situation, but as
a management team we are confident of the operational and financial strength of
UTV Media."

Key Dates

  * 21 May 2009 - date of Annual General Meeting
   
  * 29 May 2009 - record date for payment of dividends
   
  * 15 July 2009 - 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

Norman McKeown Group Finance Director +44 (0) 28 90 26 2098

Orla McKibbin Head of Communications +44 (0) 28 9026 2188

Chairman's Statement

Introduction

After delivering a strong first half year performance, it became apparent that
market sentiment was becoming increasingly negative and your Board took early
and decisive action to mitigate the impact of the consequent downturn in
advertising revenue upon your company. We raised fresh equity through a rights
issue and used the net proceeds to reduce our debt, which was re-financed
through to 2013. We disposed of loss making businesses and implemented a
rolling cost reduction programme, with every element of our cost base being
subjected to continuous review and challenge. We swiftly and efficiently
integrated our acquisitions in new media and Irish radio into our existing
divisions, maximising operational efficiencies. And, in challenging market
conditions, we again delivered revenue outperformance of our peer groups. These
actions enabled us to achieve pre-exceptional, pre-tax profit from continuing
operations of £20.3m, compared to £20.8m recorded in the previous year. While
the exceptional costs of the measures we have taken have been fully provided
for in 2008, the benefit of our actions will be realised from 2009 onwards.

Results from continuing operations

Group turnover increased by 6% to £120.3m (2007: £113.8m), driven by a £7.5m
uplift due to our acquisitions in Irish radio and new media and also to a
significant appreciation in the sterling value of our euro revenue and
partially offset by a £3.3m reduction in television revenue.

Operating profit, including associates, before exceptional items was maintained
at £28.1m (2007: £28.1m), with radio operating profit of £18.5m (2007: £16.6m)
comprising 66% of the total. New media operating profit was also higher at £
2.0m (2007: £1.4m) but television operating profit fell to £7.6m (2007: £
10.1m).

After net interest charges of £8.1m (2007: £7.4m), and foreign exchange gain of
£0.3m (2007 : £ 0.1m) pre-tax profit before exceptional items was down by 2% to
£20.3m (2007 : £20.8m). Pre-tax exceptional costs on continuing operations of £
4.5m (2007: £1.0m) comprised £2.4m in respect of redundancy payments, £0.7m in
respect of the consolidation of radio operations and restructuring and £1.4m of
debt finance costs.

Net debt at 31 December was £107.6m (2007: £107.2m)

Dividend

In my Interim Statement, I indicated that in uncertain economic conditions it
would be prudent to conserve cash but that a dividend policy incorporating a
cover ratio in the range 1.75 - 2.0 times still seemed appropriate. Since that
Statement, global economic conditions have deteriorated sharply and your Board
believes that a more cautious approach should be adopted until some stability
returns to the economy. Therefore, we are recommending a final dividend of
2.00p (2007: 8.30p), making a total for the year of 5.30p (2007: 13.50p). The
final dividend will be paid on 15 July 2009 to all shareholders on the Register
at the close of business on 29 May 2009. The Annual General Meeting will be
held on 21 May 2009.

Radio

Revenue from continuing operations in our radio divisions increased by 13%
during the year to £70.8m (2007: £62.8m), accounting for 59% of total group
revenue. This increase was driven by our Irish radio operations which recorded
a 50% improvement in revenue due to the acquisition of FM104 in Dublin and the
effect of a more favourable euro exchange rate. Excluding these two factors,
our Irish radio revenues were marginally up on the previous year. The same two
factors, and also a reduction in losses at our new Belfast station to £0.5m
(2007: £0.7m), boosted operating profits from our Irish radio stations by 54%
to £8.0m (2007: £5.2m).

Revenue from continuing operations from our GB radio stations was marginally
down at £45.9m (2007: £46.2m) but this significantly outperformed a market
decline of 6%. talkSPORT's performance in this depressed marketplace was
particularly impressive, recording a 6% improvement in revenue to £22.7m (2007:
£21.4m). Revenue from continuing operations at our local radio stations was
down by 6% to £23.2m (2007: £24.8m) which was broadly in line with the local
radio market across the UK. Central FM, our start up radio station in Preston,
came on air on 25 September 2008 and incurred an operating loss of £0.3m in the
period to 31 December 2008. The performance of our GB radio stations was
reviewed against the backdrop of the increasingly harsh macroeconomic
conditions and, as a result, we decided to dispose of our radio stations in
Dundee, Stockport, and Edinburgh. The combined pre-tax losses of those
discontinued operations in the year was £1.5m (2007: £2.0m). Excluding those
losses, operating profit from our GB radio stations was £10.5m (2007: £11.4m).

Television

The impact of the advertising downturn on television was exacerbated for the
ITV 1 network by the damaging mechanism of Contract Rights Renewal. While the
UK television market was 5% down, ITV 1 was down by 8%. Our television division
again outperformed, but our advertising revenue was still down by 7%, or £3.2m,
to £35.4m (2007: £38.2m). Cost reductions did help to offset some of the
revenue loss, but television operating profit was down by 24% to £7.7m (2007: £
10.1m).

An unwelcome, and unnecessary, distraction during the year was ITV plc's much
publicised assertion that it was subsidising UTV, Scottish and Channel
Television. We absolutely refuted this assertion and, along with Scottish
Television, commissioned research which demonstrated that ITV plc's claim of
subsidy was completely without merit. This research has been made available to
Ofcom.

New Media

The acquisition of Tibus, a web development company, on 12 February 2008 was a
key element of our strategy to refocus on content delivery and to improve
margins in our new media business. Tibus has been successfully integrated into
our new media business and has performed strongly in line with our
expectations. With improved margins, revenue growth of 18% to £11.5m (2007: £
9.8m) has delivered a 44% increase in operating profit to £2.0m (2007: £1.4m).

Cost Reduction Programme

I referred above to the measures which we have taken to mitigate the impact of
the economic downturn. The severity of the recession requires a decisive
response on costs, and the closure of loss-making businesses and the
implementation of a radical cost-cutting plan are key elements of that
response. We would expect that the actions we have taken will benefit pre-tax
profit by some £5m in the current year.

Prospects

The sharp deterioration in the macroeconomic environment over the last few
months has put considerable downward pressure on demand for advertising across
all marketplaces. In the UK, in the first quarter of 2009 total television
advertising is forecast to be down by 17% while the ITV 1 network is forecast
to be down by 21%. Total UK radio advertising in the first quarter is forecast
to be down by 23% with national advertising particularly poor at 28% down. Our
revenue performance in the first quarter is forecast to be somewhat better than
this, with our GB radio division recording a 15% decline while television is
forecast to be down by 19%.

Revenue in our Irish radio division is forecast to be down by 15% on a like for
like basis in the first quarter. However, a favourable exchange rate and the
inclusion of FM104 will result in a 35% increase in the forecast revenue for
the first three months. Our new media division will record modest revenue
growth in the first quarter.

Airtime bookings continue to be extremely short term and visibility, therefore,
is very limited. However, the rate of decline is expected to decrease in the
second half of the year when the comparative figures will be much softer.
Trading outperformance has been at the heart of your company's success over the
past few years and we continue to believe in our ability to maintain that
outperformance.

People

I am very aware of the additional pressures which these extremely challenging
times put on our Board, management and staff and, on your behalf, I wish to
thank them for their continuing dedication and commitment to the company. I
also wish to welcome Mr Shane Reihill, who joined the Board on 10 September
2008.

John B McGuckian

Chairman

12 March 2009

Group Income Statement

For the year ended 31 December 2008

                              Results                          Results                     
                               before                           before                     
                          Exceptional Exceptional          Exceptional Exceptional         
                                Items       Items    Total       Items       Items    Total
                                 2008        2008     2008        2007        2007     2007
                    Notes        £000        £000     £000        £000        £000     £000
                                                                                           
Continuing                                                                                 
operations                                                                                 
                                                                                           
Revenue                 2     120,283           -  120,283     113,824           -  113,824
                                                                                           
Operating costs              (92,431)           - (92,431)    (86,012)           - (86,012)
                                                                                           
                                -----       -----    -----       -----       -----    -----
                                                                                           
Operating profit        2      27,852           -   27,852      27,812           -   27,812
from continuing                                                                            
operations before                                                                          
tax and finance                                                                            
costs                                                                                      
                                                                                           
Non-operational                     -     (3,159)  (3,159)           -       (955)    (955)
exceptional costs                                                                          
                                                                                           
Share of results of               260           -      260         244           -      244
associates                                                                                 
accounted for using                                                                        
the equity method                                                                          
                                                                                           
                                -----       -----    -----       -----       -----    -----
                                                                                           
Profit from             2      28,112     (3,159)   24,953      28,056       (955)   27,101
continuing                                                                                 
operations before                                                                          
tax and finance                                                                            
costs                                                                                      
                                                                                           
Finance revenue                   382           -      382         547           -      547
                                                                                           
Finance costs                 (8,526)     (1,367)  (9,893)     (7,961)           -  (7,961)
                                                                                           
Foreign exchange                  316           -      316          97           -       97
gain                                                                                       
                                                                                           
                                -----       -----    -----       -----       -----    -----
                                                                                           
Profit from                    20,284     (4,526)   15,758      20,739       (955)   19,784
continuing                                                                                 
operations before                                                                          
tax                                                                                        
                                                                                           
Taxation                4     (4,396)       (378)  (4,774)     (4,876)       1,376  (3,500)
                                                                                           
                               ------      ------    -----      ------       -----    -----
                                                                                           
Profit from                    15,888     (4,904)   10,984      15,863         421   16,284
continuing                                                                                 
operations after                                                                           
tax                                                                                        
                                                                                           
Discontinued                                                                               
operations                                                                                 
                                                                                           
Loss from                     (1,054)       (669)  (1,723)     (1,434)           -  (1,434)
discontinued                                                                               
operations                                                                                 
                                                                                           
                               ------      ------    -----      ------        ----    -----
                                                                                           
                               14,834     (5,573)    9,261      14,429         421   14,850
                                                                                           
                               ------      ------    -----      ------        ----    -----
                                                                                           
Attributable to:                                                                           
                                                                                           
Equity holders of              14,553     (5,573)    8,980      14,277         421   14,698
the parent                                                                                 
                                                                                           
Minority interests                281           -      281         152           -      152
                                                                                           
                               ------      ------    -----      ------        ----    -----
                                                                                           
                               14,834     (5,573)    9,261      14,429         421   14,850
                                                                                           
                               ------      ------    -----      ------        ----    -----

Earnings per share                                              2008       2007
                                                                               
Continuing operations                                                          
                                                                               
Diluted                                                 5     13.85p     26.86p
                                                                               
Basic                                                   5     13.85p     27.19p
                                                                               
Adjusted                                                5     20.20p     26.86p
                                                                               
Diluted adjusted                                        5     20.20p     26.53p
                                                                               
From continuing and discontinued operations                                    
                                                                               
Diluted                                                 5     11.62p     24.47p
                                                                               
Basic                                                   5     11.62p     24.77p
                                                                               
Adjusted                                                5     18.84p     24.44p
                                                                               
Diluted adjusted                                        5     18.84p     24.14p



Group Statement of Recognised Income and Expense

For the year ended 31 December 2008

                                                                2008       2007
                                                                               
                                                    Notes       £000       £000
                                                                               
Income and expenses recognised directly in                                     
equity                                                                         
                                                                               
Exchange difference on translation of foreign                 17,293      2,948
operations                                                                     
                                                                               
Net actuarial (loss)/gain on defined benefit                 (7,813)      1,514
pension schemes                                                                
                                                                               
(Loss)/Profits on cash flow hedges taken to                  (1,855)        136
equity                                                                         
                                                                               
Tax on items taken directly to or transferred                  2,730       (24)
from equity                                                                    
                                                                               
                                                             -------    -------
                                                                               
Transfers to the income statement                             10,355      4,574
                                                                               
On cash flow hedges                                          (1,005)      (813)
                                                                               
                                                             -------    -------
                                                                               
Net income recognised directly in equity                       9,350      3,761
                                                                               
Profit for the year                                            9,261     14,850
                                                                               
                                                             -------    -------
                                                                               
Total recognised income and expense for the year              18,611     18,611
                                                                               
                                                             -------    -------
                                                                               
Attributable to:                                                               
                                                                               
Equity holders of the parent                            8     18,330     18,459
                                                                               
Minority interests                                      8        281        152
                                                                               
                                                             -------    -------
                                                                               
Total recognised income and expense                           18,611     18,611
                                                                               
                                                             -------    -------



Group Balance Sheet

At 31 December 2008

                                                                2008       2007
                                                                               
ASSETS                                              Notes       £000       £000
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                                 11,581     10,452
                                                                               
Intangible assets                                            270,542    189,628
                                                                               
Investments accounted for using the equity method                151        198
                                                                               
Other investments                                                  -        300
                                                                               
Deferred tax asset                                            16,783     17,060
                                                                               
                                                             -------    -------
                                                                               
                                                             299,057    217,638
                                                                               
                                                             -------    -------
                                                                               
Current assets                                                                 
                                                                               
Inventories                                                      491        493
                                                                               
Trade and other receivables                                   30,895     27,931
                                                                               
Derivative financial assets                                        -        902
                                                                               
Cash and short term deposits                                   9,280     10,237
                                                                               
                                                             -------    -------
                                                                               
                                                              40,666     39,563
                                                                               
                                                             -------    -------
                                                                               
TOTAL ASSETS                                                 339,723    257,201
                                                                               
                                                             -------    -------

EQUITY AND LIABILITIES                                                         
                                                                               
Equity attributable to equity holders of the                                   
parent                                                                         
                                                                               
Equity share capital                                    8     55,557      8,086
                                                                               
Capital redemption reserve                              8         50         50
                                                                               
Treasury shares                                         8    (1,258)      (740)
                                                                               
Foreign currency reserve                                8     18,646      1,353
                                                                               
Cash flow hedge reserve                                 8    (1,455)        902
                                                                               
Retained earnings                                       8     56,475     61,405
                                                                               
                                                             -------    -------
                                                                               
                                                             128,015     71,056
                                                                               
Minority interest                                       8        593        312
                                                                               
                                                             -------    -------
                                                                               
TOTAL EQUITY                                                 128,608     71,368
                                                                               
                                                             -------    -------
                                                                               
Non-current liabilities                                                        
                                                                               
Financial liabilities                                   7    108,267    107,032
                                                                               
Pension liability                                              8,593      1,861
                                                                               
Provisions                                                     1,100        910
                                                                               
Deferred tax liabilities                                      49,037     38,420
                                                                               
                                                             -------    -------
                                                                               
                                                             166,997    148,223
                                                                               
                                                             -------    -------
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                                      31,612     25,103
                                                                               
Financial liabilities                                   7      8,650     10,391
                                                                               
Derivative financial liabilities                               1,958          -
                                                                               
Tax payable                                                    1,556      1,697
                                                                               
Provisions                                                       342        419
                                                                               
                                                             -------    -------
                                                                               
Net current liabilities                                       44,118     37,610
                                                                               
                                                             -------    -------
                                                                               
TOTAL LIABILITIES                                            211,115    185,833
                                                                               
                                                             -------    -------
                                                                               
TOTAL EQUITY AND LIABILITIES                                 339,723    257,201
                                                                               
                                                             -------    -------



Group Cash Flow Statement

For the year ended 31 December 2008

                                                                2008      2007
                                                                              
                                                     Notes      £000      £000
                                                                              
Operating activities                                                          
                                                                              
Profit before tax                                             13,575    17,736
                                                                              
Adjustments to reconcile profit before tax to net                             
cash flows from operating activities                                          
                                                                              
Foreign exchange gain                                          (316)      (97)
                                                                              
Net finance costs before exceptionals                          8,144     7,414
                                                                              
Share of results of associates                                 (260)     (244)
                                                                              
Non-operational exceptional costs                              5,245       955
                                                                              
Depreciation of property, plant and equipment                  1,879     1,829
                                                                              
Difference between pension contributions paid and            (1,435)     (607)
amounts recognised in the income statement                                    
                                                                              
Decrease in inventories                                            6        45
                                                                              
Decrease in trade and other receivables                          417     1,282
                                                                              
Increase/(decrease) in trade and other payables                2,095   (2,616)
                                                                              
Increase in provisions                                           113       199
                                                                              
Profits from sale of property, plant and equipment               (5)      (30)
                                                                              
Share based payments                                           (417)       417
                                                                              
                                                              ------    ------
                                                                              
Cash generated from operations before exceptional             29,041    26,283
costs                                                                         
                                                                              
Exceptional costs                                            (1,492)   (1,723)
                                                                              
Tax paid                                                       (443)     (417)
                                                                              
                                                              ------    ------
                                                                              
Net cash inflow from operating activities                     27,106    24,143
                                                                              
                                                              ------    ------
                                                                              
Investing activities                                                          
                                                                              
Interest received                                                409       534
                                                                              
Proceeds on disposal of property, plant and                       16        71
equipment                                                                     
                                                                              
Purchase of property, plant and equipment                    (1,963)   (1,257)
                                                                              
Dividends received from associates                               154        91
                                                                              
Proceeds from disposal of investment & joint                     140       928
venture                                                                       
                                                                              
Outflow on acquisition of subsidiary undertaking            (46,108)   (1,440)
                                                                              
Acquisition of trade and net assets                            (100)     (400)
                                                                              
                                                              ------    ------
                                                                              
Net cash flows from investing activities                    (47,452)   (1,473)
                                                                              
                                                              ------    ------
                                                                              
Financing activities                                                          
                                                                              
Borrowing costs                                             (10,875)   (8,447)
                                                                              
Swap income                                                    1,005       813
                                                                              
Proceeds from exercise of share options                            -       107
                                                                              
Acquisition of treasury shares                                 (518)     (380)
                                                                              
Dividends paid to equity shareholders                        (7,877)   (7,216)
                                                                              
Dividends paid to minority interests                               -      (55)
                                                                              
Repayment of borrowings                                     (51,806)  (10,639)
                                                                              
Proceeds from borrowings                                      41,705         -
                                                                              
Share placement                                                    -     5,346
                                                                              
Rights issue                                                  47,529         -
                                                                              
                                                              ------    ------
                                                                              
Net cash flows used in financing activities                   19,163  (20,471)
                                                                              
                                                              ------   -------
                                                                              
Net (decrease)/increase in cash and cash                     (1,183)     2,199
equivalents                                                                   
                                                                              
Net foreign exchange differences                                 226       141
                                                                              
Cash and cash equivalents at 1 January                        10,237     7,897
                                                                              
                                                               -----   -------
                                                                              
Cash and cash equivalents at 31 December                 7     9,280    10,237
                                                                              
                                                               -----    ------

Notes to the Group Financial Statements

 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.

The Group financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by the European
Union as they apply to the financial statements of the Group for the year ended
31 December 2008 and applied in accordance with the Companies (Northern
Ireland) Order 1986. 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 2008.

 2. Revenue and segmental analysis
   
Revenue represents the amounts derived from the provision of goods and services
which fall within the Group's ordinary activities, stated net of value added
tax. Revenue from 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 with 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. Discontinued operations relate to
a number of loss making radio stations in GB which were identified for sale or
closure. The following tables present revenue and profit information regarding
the Group's business segments for the years ended 31 December 2008 and 2007.

Revenue

Year ended 31 December 2008

                                 Continuing Operations                         
                                                                               
                        Radio    Radio                 New         Discontinued
                           GB  Ireland Television    Media   Total   Operations
                         £000     £000       £000     £000    £000         £000
                                                                               
Sales to third         45,900   24,870     38,001   11,512 120,283        1,317
parties                                                                        
                                                                               
Intersegmental sales    1,005    1,173      1,317        -   3,495            -
                                                                               
                        -----   ------     ------   ------  ------       ------
                                                                               
                       46,905   26,043     39,318   11,512 123,778        1,317
                                                                               
                        -----   ------     ------   ------   -----       ------

Year ended 31 December 2007

                                 Continuing Operations                          
                                                                                
                        Radio    Radio                 New          Discontinued
                           GB  Ireland Television    Media    Total   Operations
                         £000     £000       £000     £000     £000         £000
                                                                                
Sales to third         46,165   16,587     41,278    9,794  113,824        1,749
parties                                                                         
                                                                                
Intersegmental sales    1,028      719        977       60    2,784            -
                                                                                
                        -----    -----      -----    -----   ------        -----
                                                                                
                       47,193   17,306     42,255    9,854  116,608        1,749
                                                                                
                        -----    -----      -----    -----    -----        -----

Results

Year ended 31 December 2008

                                 Continuing Operations                          
                                                                                
                         Radio    Radio                New          Discontinued
                            GB  Ireland Television   Media    Total   Operations
                          £000     £000       £000    £000     £000         £000
                                                                                
Profit before           10,202    8,028      7,650   1,972   27,852      (1,465)
exceptional costs,                                                              
tax and finance                                                                 
costs                                                                           
                                                                                
Associate income           260        -          -       -      260            -
                                                                                
Exceptional cost         (748)    (587)    (1,824)       -  (3,159)        (719)
allocable to                                                                    
business segments                                                               
                                                                                
                        ------   ------     ------   -----   ------       ------
                                                                                
Profit before tax        9,714    7,441      5,826   1,972   24,953      (2,184)
and finance costs                                                               
                                                                                
                        ------   ------     ------   -----                      
                                                                                
Exceptional costs                                           (1,367)            -
not allocable to                                                                
business segments                                                               
                                                                                
Net finance cost                                            (8,144)            -
                                                                                
Foreign exchange                                                316            -
gain                                                                            
                                                                                
                                                             ------       ------
                                                                                
Profit before taxation                                       15,758      (2,184)
                                                                                
Taxation                                                    (4,774)          461
                                                                                
                                                             ------       ------
                                                                                
Net profit for the year                                      10,984      (1,723)
                                                                                
                                                              -----       ------


Year ended 31 December 2007

                                    Continuing Operations                       
                                                                                
                            Radio   Radio               New         Discontinued
                               GB Ireland Television  Media   Total   Operations
                             £000    £000       £000   £000    £000         £000
                                                                                
Profit before exceptional  11,114   5,229     10,101  1,368  27,812      (2,048)
costs, tax and finance                                                          
costs                                                                           
                                                                                
Associate income              244       -          -      -     244            -
                                                                                
                           ------   -----     ------  -----   -----        -----
                                                                                
Profit before tax and      11,358   5,229     10,101  1,368  28,056      (2,048)
finance costs                                                                   
                                                                                
                           ------   -----     ------  -----                     
                                                                                
Exceptional costs not                                         (955)            -
allocable to business                                                           
segments                                                                        
                                                                                
Net finance cost                                            (7,414)            -
                                                                                
Foreign exchange gain                                            97            -
                                                                                
                                                              -----       ------
                                                                                
Profit before taxation                                       19,784      (2,048)
                                                                                
Taxation                                                    (3,500)          614
                                                                                
                                                              -----       ------
                                                                                
Net profit for the year                                      16,284      (1,434)
                                                                                
                                                              -----       ------

3. Exceptional items

                               Continuing      Discontinued                   
                               Operations       Operations          Total     
                                                                              
                                2008    2007      2008  2007      2008    2007
                                £000    £000      £000  £000      £000    £000
                                                                              
Fundamental restructuring    (2,859) (1,196)     (719)     -   (3,842) (1,196)
costs                                                                         
                                                                              
(Loss)/profit on disposal of   (300)     643         -     -      (36)     643
investments                                                                   
                                                                              
Costs associated with              -   (402)         -     -         -   (402)
aborted transaction                                                           
                                                                              
                               -----   -----    ------   ---    ------   -----
                                                                              
                             (3,159)   (955)     (719)     -   (3,878)   (955)
                                                                              
                               -----   -----     -----  ----     -----   -----

Fundamental restructuring costs

In 2008, the Group undertook a review and fundamental restructuring of its
operations. This resulted in the disposal or closure of loss making radio
stations; the consolidation of operations in both GB and Ireland; and the
rationalisation of the television operations in line with the reduction in
local programming hours introduced by Ofcom.

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.

Loss/profit on investments

In 2008 Channel 4 cancelled its plans to invest further in a new digital radio
platform and thus the 4Digital consortium which it led. Following this
decision, UTV has written off its 10% investment in the 4Digital.

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.

Costs associated with aborted transaction

In 2007, costs totalling £402,000 were incurred in determining the feasibility
of and the potential to finance a possible transaction which did not proceed.

Exceptional finance charges of £1,367,000 in 2008 (2007: £Nil) relate to costs
incurred on the financing of the acquisition of FM104 in April 2008 and the
deferred financing costs in respect of the original debt facilities as part of
the refinancing of the Group debt facilities in July 2008.

The exceptional tax charge of £328,000 (2007: credit of £1,376,000) is
explained within Note 4.

4. Taxation

(a) Tax on profit on ordinary activities

                                                                 2008      2007
                                                                 £000      £000
                                                                               
Current income tax:                                                            
                                                                               
UK corporation tax on profits for the year                    (1,090)     (149)
                                                                               
Adjustments in respect of previous years                          800       339
                                                                               
                                                             --------   -------
                                                                               
                                                                (290)       190
                                                                               
Foreign tax:                                                                   
                                                                               
ROI corporation tax on profits for the year                     (764)     (644)
                                                                               
                                                             --------   -------
                                                                               
Total current tax                                             (1,054)     (454)
                                                                               
Deferred tax:                                                                  
                                                                               
Origination and reversal of timing differences                (2,931)   (3,518)
                                                                               
Adjustments in respect of previous years                            -     (290)
                                                                               
                                                             --------   -------
                                                                               
Tax charge in the income statement on operating activities    (3,985)   (4,262)
                                                                               
Tax credit arising on exceptional costs                           991         -
                                                                               
Exceptional deferred tax (charge)/credit                      (1,319)     1,376
                                                                               
                                                             --------   -------
                                                                               
Total tax (charge)/credit                                     (4,313)   (2,886)
                                                                               
                                                             --------   -------
                                                                               
The tax charge in the Income Statement is disclosed as:                        
                                                                               
Tax expense on continuing operations                          (4,774)   (3,500)
                                                                               
Tax credit on discontinued operations                             461       614
                                                                               
                                                             --------   -------
                                                                               
Tax charge in the statement of recognised income and          (4,313)   (2,886)
expense                                                                        
                                                                               
                                                             --------   -------

(b) Exceptional credit

During the year, the capital gains tax rate in the Republic of Ireland was
revised from 20% to 22%. Accordingly all deferred tax liabilities in respect of
radio licences in the Republic of Ireland were restated to recognise the future
gains thereon at this rate. This resulted in a net charge of £1,117,000. In
addition, the deferred tax has been reduced to reflect the phasing out of
industrial building allowances in the UK. This has resulted in an exceptional
charge of £202,000 as a result of temporary differences in respect of ACA's.

In 2007, the 2007 Finance Act asserted that the UK Corporation Tax rate from
2008 would be 28%. Accordingly all deferred tax assets and liabilities were
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.

5. 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 weighted average number of ordinary shares for the year ended 31 December
2007 and the weighted average number of ordinary shares from 1 January 2008 to
the date of the rights issue have been restated to reflect the bonus element of
the 2 for 3 rights issue of ordinary shares in July 2008.

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

Net profit attributable to equity holders

                                2008                       2007 (Restated)        
                                                                                  
                   Continuing Discontinued         Continuing Discontinued        
                   Operations   Operations   Total Operations   Operations   Total
                         £000         £000    £000       £000         £000    £000
                                                                                  
Net profit             10,703      (1,723)   8,980     16,132      (1,434)  14,698
attributable to                                                                   
equity holders                                                                    
                                                                                  
Exceptional items       4,526          719   5,245        955            -     955
                                                                                  
Taxation relating       (941)         (50)   (991)        225            -     225
to above items                                                                    
                                                                                  
Exceptional tax         1,319            -   1,319    (1,376)            - (1,376)
charge / credit                                                                   
                                                                                  
                      -------      ------- -------    -------      -------   -----
                                                                                  
Total adjusted and     15,607      (1,054)  14,553     15,936      (1,434)  14,502
diluted profit                                                                    
attributable to                                                                   
equity holders                                                                    
                                                                                  
                       ------       ------   -----     ------       ------   -----
                                                                                  
Weighted average                                                                  
number of shares                                                                  

                                                              2008         2007
                                                         thousands    thousands
                                                                               
Weighted average number of shares for basic and             77,274       59,334
adjusted earnings per share (excluding treasury shares)                        
                                                                               
Effect of dilution of the share options                          -          728
                                                                               
                                                            ------       ------
                                                                               
Adjusted weighted average number of ordinary shares for     77,274       60,062
diluted earnings per share                                                     
                                                                               
                                                            ------       ------

Earnings per share

From continuing and discontinued operations

                                                                 2008     2007
                                                                              
Diluted                                                        11.62p   24.47p
                                                                              
                                                               ------   ------
                                                                              
Basic                                                          11.62p   24.77p
                                                                              
                                                               ------   ------
                                                                              
Adjusted                                                       18.84p   24.44p
                                                                              
                                                               ------   ------
                                                                              
Diluted adjusted                                               18.84p   24.14p
                                                                              
                                                               ------   ------

From continuing operations

                                                                 2008     2007
                                                                              
Diluted                                                        13.85p   26.86p
                                                                              
                                                               ------   ------
                                                                              
Basic                                                          13.85p   27.19p
                                                                              
                                                               ------   ------
                                                                              
Adjusted                                                       20.20p   26.86p
                                                                              
                                                               ------   ------
                                                                              
Diluted adjusted                                               20.20p   26.53p
                                                                              
                                                               ------   ------

From discontinuing operations

                                                                 2008     2007
                                                                              
Diluted                                                       (2.23p)  (2.39p)
                                                                              
                                                               ------   ------
                                                                              
Basic                                                         (2.23p)  (2.42p)
                                                                              
                                                               ------   ------

6. Dividends

                                                                2008       2007
                                                                £000       £000
                                                                               
Equity dividends on ordinary shares                                            
                                                                               
Declared and paid during the year                                              
                                                                               
Final for 2007: 8.30p (2006: 8.00p)                            4,759      4,384
                                                                               
Interim for 2008: 3.30p (2007: 5.20p)                          3,148      2,832
                                                                               
                                                                 ---        ---
                                                                               
Dividends paid                                                 7,907      7,216
                                                                               
                                                               -----      -----
                                                                               
Proposed for approval at Annual General Meeting                                
                                                                               
(not recognised as a liability at 31 December)                                 
                                                                               
Final dividend for 2008: 2.00p (2007: 8.30p)                   1,908           
                                                                               
                                                               -----           

7. Net debt

                                                                2008       2007
                                                                £000       £000
                                                                               
Current                                                                        
                                                                               
Current instalments due on bank loans                        (8,650)   (10,391)
                                                                               
Cash and cash equivalents                                      9,280     10,237
                                                                               
                                                             -------    -------
                                                                               
                                                                 630      (154)
                                                                               
                                                             -------    -------
                                                                               
Non-current                                                                    
                                                                               
Non-current instalments due on bank loans                  (108,267)  (107,032)
                                                                               
                                                             -------    -------
                                                                               
Total                                                      (107,637)  (107,186)
                                                                               
                                                             -------    -------

The financial liabilities at 31 December 2008 are stated net of £786,000 (2007:
£777,000) of deferred financing costs.

8. Reconciliation of movements in equity

                                                             Cash                  
                      Equity    Capital           Foreign    flow             Share
                       share redemption Treasury currency   hedge  Retained  holder
                     capital    reserve   shares  reserve reserve  earnings  equity
                        £000       £000     £000     £000    £000      £000    £000
                                                                                   
Balance at 1           8,220          -    (360)  (1,595)   1,579    46,479  54,323
January 2007                                                                       
                                                                                   
Exercise of share        107          -        -        -       -         -     107
options                                                                            
                                                                                   
Acquisition of             -          -    (380)        -       -         -   (380)
treasury shares                                                                    
                                                                                   
Capital              183,478          -        -        -       - (183,478)       -
restructure                                                                        
                                                                                   
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                -          -        -        -       -       417     417
payment                                                                            
                                                                                   
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                                                                      
                                                                                   
Acquisition of             -          -    (518)        -       -         -   (518)
treasury shares                                                                    
                                                                                   
Rights issue          49,869          -        -        -       -         -  49,869
proceeds                                                                           
                                                                                   
Rights issue costs   (2,398)          -        -        -       -         - (2,398)
                                                                                   
Total recognised           -          -        -   17,293 (2,357)     3,394  18,330
income and expense                                                                 
in the year                                                                        
                                                                                   
Share based                -          -        -        -       -     (417)   (417)
payment                                                                            
                                                                                   
Dividends paid to          -          -        -        -       -   (7,907) (7,907)
equity                                                                             
shareholders                                                                       
                                                                                   
                    --------   --------  -------   ------  ------    ------  ------
                                                                                   
Balance at 31         55,557         50  (1,258)   18,646 (1,455)    56,475 128,015
December 2008                                                                      
                                                                                   
                       -----     ------    -----    -----   -----     -----   -----
                                                                                   

                                              Shareholder   Minority           
                                                   equity   interest      Total
                                                                               
                                                     £000       £000       £000
                                                                               
Balance at 1 January 2007                          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         18,459        152     18,611
year                                                                           
                                                                               
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
                                                                               
Acquisition of treasury shares                      (518)          -      (518)
                                                                               
Rights issue proceeds                              49,869          -     49,869
                                                                               
Rights issue costs                                (2,398)          -    (2,398)
                                                                               
Total recognised income and expense in the         18,330        281     18,611
year                                                                           
                                                                               
Share based payment                                 (417)          -      (417)
                                                                               
Dividends paid to equity shareholders             (7,907)          -    (7,907)
                                                                               
                                                  -------    -------    -------
                                                                               
Balance at 31 December 2008                       128,015        593    128,608
                                                                               
                                                   ------     ------     ------