Interim Management Statement
The following Interim Management Statement for UTV Media plc covers the period
from the beginning of the Group's current financial year, 1 January 2009, to
the date of this announcement and incorporates the Group's four month trading
period ended 30 April 2009.
During those four months the Group experienced a revenue decline of 9% compared
to last year. After adjusting for the impact of the two businesses acquired in
2008, FM104 and Tibus, the like for like decline was 14%.
Trading in this period was in line with our expectations and the Group achieved
its budgeted operating profit.
Other than the information contained in this Interim Management Statement,
there have been no material events or transactions in the period from 1 January
2009 to 15 May 2009 which have affected UTV and its financial position.
Trading performance for the four month period ending 30 April 2009 and Outlook
by Business Division
Revenue in our Radio GB division for the four months to the end of April was
down by 15%, based on continuing operations, compared to a market which we
believe declined by 18% during the same period. We anticipate that revenue in
this division will be down by 9% in May and June in line with somewhat improved
Our Radio Ireland division grew revenue by 25% in the period to 30 April
compared to last year with the FM104 acquisition accounting for 28% of this and
sterling translation exchange gains explaining 14%. The like for like decline
in sales was therefore 17% and this trend is expected to continue in May and
Revenue in the Television division to the end of April declined by 19% which
was in line with the network. We anticipate that revenue for the division will
be down by 20% at the half year.
New Media revenue grew by 2% with the Tibus acquisition in February 2008
accounting for 7%. Revenue in May and June is anticipated to be in line with
the same period last year.
We continue to focus on cost reductions across the business and are currently
operating ahead of our budgeted savings. We remain confident of their
achievement for the full year.
As at 1 January 2009 the Group had net debt of £108.4m. In the four months to
the end of April this has reduced as anticipated in our budget.
Summary and Outlook
In our Preliminary Announcement on 12 March 2009 we referred to the difficult
economic environment and the fact that airtime bookings are extremely short
term thereby offering limited forward visibility. We remain cautious about
trading prospects for the year but our cost cutting measures are having a
positive impact and we are currently in line with the Board's expectations.
For further information contact:
Maitland +44 (0) 20 7379 5151
UTV Media plc
Group Chief Executive
+44 (0) 28 9026 2202
Group Finance Director
+44 (0) 28 9026 2098
Head of Communications
+44 (0) 28 9026 2188
This report contains certain forward-looking statements with regards to the
financial condition and results of the operations of UTV Media plc. These
statements and forecasts involve risk factors which are associated with, but
are not exclusive to, the economic and business circumstances occurring from
time to time in the countries and sectors in which the group operates. These
forward-looking statements are made only as at the date of this announcement.
Nothing in this announcement should be construed as a profit forecast. Other
than required by law, UTV Media plc undertakes no obligation to update the