Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

UTV Media PLC (UTV)

  Print      Mail a friend       Annual reports

Thursday 27 August, 2009

UTV Media PLC

Half-yearly Report


                              UTV Media plc

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

                              Interim Results

                  for the six months ended 30 June 2009

Financial highlights:

  * Group turnover down 10% to £54.5m (2008 : £60.9m)
   
  * Group operating profit, including associates, is £11.0m (2008: £15.4m)
   
  * Pre-tax profits before exceptional items of £7.8m (2008: £11.2m)
   
  * Reduction in net debt of £12.1m
   
  * As a result of refinancing in 2008, a reduction in debt and lower interest
    rates, net finance costs reduced to £3.0m (2008: £4.3m)
   
  * Radio operating profit, including income from associates, down 16% to £8.2m
    (2008: £9.8m) accounting for 74% of total operating profit
   
  * Television operating profits down 61% to £1.8m (2008 : £4.7m)
   
  * New Media operating profits up by 9% to £1.0m (2008 : £0.9m)
   
  * £3.0m of targeted annual savings of £5.0m achieved in H1 2009 - ahead of
    budget
   
John McCann, Group Chief Executive, UTV Media plc, said:

"This has undoubtedly been a challenging six months. However, our results
demonstrate the resilience of the business. Over the last six months we have
actively sought to reduce costs and reduce our debt. Both have been successful
and have gone some way to moderate the impact of unprecedented advertising
markets. It is difficult to give a detailed outlook because of continuing
macroeconomic uncertainty, nonetheless we are expecting the rate of decline in
advertising to slow as comparatives ease over the coming months."

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 9026 2098
Orla McKibbin, Head of Communications                      +44 (0) 28 9026 2188


Introduction

Your company's ability to cope with the severity of the recession is evidenced
in these results. Prompt action in disposing of loss making radio assets and in
implementing a disciplined cost reduction programme, which is ahead of target,
mitigated against an unprecedented slump in advertising markets. As a result,
while revenue fell by £6.4m, group operating profit was down by £4.4m to £11.0m
and pre-tax profit was £7.8m (2008: £11.2m). Our continuing focus on cash
management helped to drive down net debt during the period by £12.1m.

Results

Group turnover from continuing operations for the first six months of 2009
reduced by 10% to £54.5m (2008: £60.9m). Operating profit, including
associates, before exceptional items was down by 29% to £11.0m (2008: £15.4m)
with television profits falling by 61% to £1.8m (2008: £4.7m) and profits from
GB radio reducing by 26% to £4.6m (2008: £6.2m). Our Irish radio operating
profit of £3.6m was in line with last year (2008: £3.6m), assisted by exchange
gains and the acquisition of FM104 in April of 2008. New Media profits of £1.0m
also were comparable to last year (2008: £0.9m). After net interest costs of £
3.0m (2008: £4.3m), pre-tax profits before exceptional items were down by 30%
to £7.8m (2008: £11.2m). Diluted adjusted earnings per share were 6.17p (2008:
13.72p). Net debt reduced from £108.4m at the year end to £96.3m. Cash absorbed
during the six months included £1.3m in respect of restructuring and £1.4m in
respect of capital expenditure due to co-location of some of our radio
operations, while exchange rate movements had a beneficial impact of £4.4m.

Dividend

The inherent uncertainty as to the depth and duration of the recession and its
impact on advertising, forces us to adopt a more cautious approach to the
interim dividend. Whilst we remain committed to the longer term objective of
increasing dividends, we believe it is prudent at this time not to pay an
interim dividend but to review the full year dividend payout for 2009 and our
future dividend policy at the time of publication of our 2009 results in March
next year.

Radio

Total revenue from our radio operations was down by £2.1m to £33.1m, with
operating profit falling by £1.6m to £8.2m. Our GB radio division experienced
an improving trend, with a 16% decline in revenue in the first quarter moving
back to an 11% decline in the second quarter. An overall 13% reduction in the
six months outperformed a market which we believe was down by 16%. Revenue from
our continuing GB radio operations was £20.8m (2008: £23.8m) and operating
profit was £4.6m (2008: £6.2m).

Our Irish radio division increased revenue by £0.9m, or 8%, to £12.3m, with the
inclusion of FM104 for the full six months accounting for a 17% uplift and
sterling translation exchange gains adding 12%. On a like for like basis, Irish
Radio revenue fell by 21% in the period, with the second quarter decline being
somewhat worse than anticipated at 23%. Irish radio operating profit was
maintained at £3.6m for the first half.

Television

After an 18% decline in the first quarter, television advertising revenue fell
more sharply in the second quarter, resulting in a 23% reduction to £14.0m
(2008: £18.3m) for the period as a whole. While television advertising revenue
from GB moved broadly in line with the market, our advertising revenue from the
Republic of Ireland dropped by 40% in the half year largely reflecting reduced
revenue from multi-national customers. Television advertising revenue from the
Northern Ireland market was relatively resilient, suffering only a 6% decline.
Our rigorous cost reduction programme helped to offset some of the £4.4m
reduction in total television revenue from £19.9m to £15.5m to give a
television operating profit for the six months of £1.8m (2008: £4.7m).

New Media

Our continued emphasis on achieving higher margins for broadband and telephony
and our focus on content delivery through Tibus have ensured a solid
performance in difficult trading conditions. In the six months to 30 June 2009,
new media revenues were up by 1% to £5.9m (2008: £5.8m) and operating profits
were up by 9% to £1.0m (2008: £0.9m)

Prospects

The task of providing guidance about future trading has never been more
difficult. Nevertheless, our expectation is that as the comparative numbers
become softer, the rate of decline in advertising revenue will slow.

The effect of those comparatives is beginning to be felt in GB Radio which had
started to turn negative in the summer of last year. Our expectation is that GB
radio revenue, which had declined by 13% in the first half of 2009, will ease
to no more than a 6% reduction in the third quarter. Irish radio revenue, which
was down by 21% on a like for like basis in the first 6 months of this year, is
expected to be down by 20% in the current three months. The rate of decline in
the television advertising marketplace is slowing in this quarter and
television revenue for the 3 months to the end of September should be down by
16%. Thereafter, in both television and radio, the advertising market will be
responsive to the changing macroeconomic situation, with any improvement in the
latter being rewarded with enhanced demand in the former.

Our New Media division is expected to deliver revenue in line with forecasts
and generate operating profit somewhat ahead of 2008. We are continuing to
drive down costs wherever possible and, in the full year, expect to deliver
savings of £6m compared to the targeted £5m.

Fundamentally, UTV is a strong business with excellent assets, diversified
across multiple media platforms and is run by a highly experienced management
team. We believe we are well positioned for the upturn when this current
unpredictable period comes to an end.

John B McGuckian
Chairman
27 August 2009


Group Income Statement

for the six months ended 30 June 2009

                               Results                           Result                     
                                before                           before                     
                           Exceptional Exceptional          Exceptional Exceptional         
                                 Items       Items    Total       Items       Items    Total
                                    30          30       30          30          30       30
                                  June        June     June        June        June     June
                     Notes        2009        2009     2009        2008        2008     2008
                                  £000        £000     £000        £000        £000     £000
                                                                                            
Continuing operations                                                                       
                                                                                            
Revenue                  3      54,505           -   54,505      60,899           -   60,899
                                                                                            
Operating costs               (43,634)           - (43,634)    (45,580)           - (45,580)
                                                                                            
                                 -----       -----    -----       -----       -----    -----
                                                                                            
Operating profit         3      10,871           -   10,871      15,319           -   15,319
from continuing                                                                             
operations before                                                                           
tax and finance                                                                             
costs                                                                                       
                                                                                            
Exceptional costs        6           -           -        -           -       (487)    (487)
                                                                                            
Share of results of                143           -      143         101           -      101
associates accounted for                                                                    
using the equity method                                                                     
                                                                                            
                                 -----       -----    -----       -----       -----    -----
                                                                                            
Profit from continuing          11,014           -   11,014      15,420       (487)   14,933
operations before tax                                                                       
and finance costs                                                                           
                                                                                            
Finance revenue                    104           -      104         188           -      188
                                                                                            
Finance costs                  (3,071)           -  (3,071)     (4,459)           -  (4,459)
                                                                                            
Foreign exchange                 (244)           -    (244)          78           -       78
(loss)/gain                                                                                 
                                                                                            
                                 -----       -----    -----       -----       -----    -----
                                                                                            
Profit from continuing           7,803           -    7,803      11,227       (487)   10,740
operations before tax                                                                       
                                                                                            
Taxation                       (1,767)     (1,500)  (3,267)     (2,558)         136  (2,422)
                                                                                            
                                 -----       -----    -----       -----       -----    -----
                                                                                            
Profit from continuing           6,036     (1,500)    4,536       8,669       (351)    8,318
operations after tax                                                                        
                                                                                            
Discontinued operations                                                                     
                                                                                            
Loss from discontinued           (222)           -    (222)       (615)        (43)    (658)
operations                                                                                  
                                                                                            
                                 -----       -----    -----       -----       -----    -----
                                                                                            
                         6       5,814     (1,500)    4,314       8,054       (394)    7,660
                                                                                            
                                 -----       -----    -----       -----       -----    -----
                                                                                            
Attributable to:                                                                            
                                                                                            
Equity holders of                5,667     (1,500)    4,167       7,923       (394)    7,529
the parent                                                                                  
                                                                                            
Minority interests                 147           -      147         131           -      131
                                                                                            
                                 -----       -----    -----       -----       -----    -----
                                                                                            
                                 5,814     (1,500)    4,314       8,054       (394)    7,660
                                                                                            
                                 -----       -----    -----       -----       -----    -----


                                                     Notes      2009       2008
                                                                               
Earnings per share                                                             
                                                                               
Continuing operations                                                          
                                                                               
Basic                                                    8     4.60p     13.17p
                                                                               
Diluted                                                  8     4.60p     13.15p
                                                                               
Adjusted                                                 8     6.17p     13.74p
                                                                               
Diluted adjusted                                         8     6.17p     13.72p
                                                                               
                                                              ------     ------
                                                                               
Continuing and discontinued operations                                         
                                                                               
Basic                                                    8     4.37p     12.11p
                                                                               
Diluted                                                  8     4.37p     12.09p
                                                                               
Adjusted                                                 8     5.94p     12.75p
                                                                               
Diluted adjusted                                         8     5.94p     12.73p
                                                                               
                                                              ------     ------

                                                                £000       £000
                                                                               
Dividends                                                                      
                                                                               
Declared and paid during the period                      7                     
                                                                               
Nil pence per share (2008: 8.30p)                                  -      4,759
                                                                               
                                                              ------     ------


Group Statement of Comprehensive Income

for the six months ended 30 June 2009

                                                                  30         30
                                                                June       June
                                                                2009       2008
                                                                £000       £000
                                                                               
Profit for the period                                          4,314      7,660
                                                                               
                                                              ------     ------
                                                                               
Other comprehensive income                                                     
                                                                               
Exchange difference on translation of foreign operations     (8,850)      2,964
                                                                               
Actuarial loss on defined benefit pension schemes            (5,960)    (3,640)
                                                                               
Gain on cash flow hedges                                          89        970
                                                                               
Tax relating to other comprehensive income                     1,646        577
                                                                               
                                                              ------     ------
                                                                               
Other comprehensive (loss)/income for the period, net of    (13,075)        871
tax                                                                            
                                                                               
                                                              ------     ------
                                                                               
Total comprehensive (loss)/income for the period, net of     (8,761)      8,531
tax                                                                            
                                                                               
                                                              ------     ------
                                                                               
Attributable to:                                                               
                                                                               
Equity holders of the parent                                 (8,908)      8,400
                                                                               
Minority interests                                               147        131
                                                                               
                                                              ------     ------
                                                                               
                                                             (8,761)      8,531
                                                                               
                                                              ------     ------


Group Balance Sheet

as at 30 June 2009

                                                        30        30         31
                                                      June      June   December
                                                      2009      2008       2008
                                            Notes     £000      £000       £000
                                                                               
ASSETS                                                                         
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                   5   11,468    10,589     11,581
                                                                               
Intangible assets                                  256,491   251,598    270,542
                                                                               
Investments accounted for using the equity             258       298        151
method                                                                         
                                                                               
Other investments                                        -       300          -
                                                                               
Deferred tax asset                                  16,758    16,078     16,783
                                                                               
                                                    ------    ------     ------
                                                                               
                                                   284,975   278,863    299,057
                                                                               
                                                    ------    ------     ------
                                                                               
Current assets                                                                 
                                                                               
Inventories                                            522       480        491
                                                                               
Trade and other receivables                         28,146    28,658     30,895
                                                                               
Financial assets                                         -     1,872          -
                                                                               
Cash and short term deposits                         9,864     8,144      9,280
                                                                               
                                                    ------    ------     ------
                                                                               
                                                    38,532    39,154     40,666
                                                                               
                                                    ------    ------     ------
                                                                               
TOTAL ASSETS                                       323,507   318,017    339,723
                                                                               
                                                    ------    ------     ------
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Equity attributable to equity holders of the parent                            
                                                                               
Equity share capital                                55,557     8,086     55,557
                                                                               
Capital redemption reserve                              50        50         50
                                                                               
Treasury Shares                                    (1,258)     (998)    (1,258)
                                                                               
Foreign currency reserve                             9,796     4,317     18,646
                                                                               
Cash flow hedge reserve                            (1,393)     1,872    (1,455)
                                                                               
Retained earnings                                   56,355    60,695     56,475
                                                                               
                                                    ------    ------     ------
                                                                               
                                                   119,107    74,022    128,015
                                                                               
Minority interest                                      740       443        593
                                                                               
                                                    ------    ------     ------
                                                                               
TOTAL EQUITY                                       119,847    74,465    128,608
                                                                               
                                                    ------    ------     ------
                                                                               
Non-current liabilities                                                        
                                                                               
Interest bearing loans and borrowings           9   97,298   112,026    108,267
                                                                               
Pension liability                              11   13,718     4,225      8,593
                                                                               
Provisions                                           1,623       923      1,100
                                                                               
Deferred tax liabilities                            49,244    49,454     49,037
                                                                               
                                                    ------    ------     ------
                                                                               
                                                   161,883   166,628    166,997
                                                                               
                                                    ------    ------     ------
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                            29,963    29,923     31,612
                                                                               
Current portion of interest bearing loans       9    8,255    45,005      8,650
and borrowings                                                                 
                                                                               
Financial liabilities                                1,869         -      1,958
                                                                               
Tax payable                                          1,348     1,545      1,556
                                                                               
Provisions                                             342       451        342
                                                                               
                                                    ------    ------     ------
                                                                               
                                                    41,777    76,924     44,118
                                                                               
                                                    ------    ------     ------
                                                                               
TOTAL LIABILITIES                                  203,660   243,552    211,115
                                                                               
                                                    ------    ------     ------
                                                                               
TOTAL EQUITY AND LIABILITIES                       323,507   318,017    339,723
                                                                               
                                                    ------    ------     ------


Group Statement of Changes in Equity

for the six months ended 30 June 2009

                                                                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 January      8,086         50    (740)    1,353     902   61,405  71,056
2008                                                                                 
                                                                                     
Acquisition of treasury       -          -    (258)        -       -        -   (258)
shares                                                                               
                                                                                     
Total net comprehensive       -          -        -    2,964     970    4,466   8,400
income in the period                                                                 
                                                                                     
Share based payment                                                     (417)   (417)
                                                                                     
Dividends paid to             -          -        -        -       -  (4,759) (4,759)
equity shareholders                                                                  
                                                                                     
                           ----       ----     ----     ----    ----     ----    ----
                                                                                     
Balance at 30 June 2008   8,086         50    (998)    4,317   1,872   60,695  74,022
                                                                                     
Acquisition of treasury       -          -    (260)        -       -        -   (260)
shares                                                                               
                                                                                     
Rights issue proceeds    49,869          -        -        -       -        -  49,869
                                                                                     
Rights issue costs      (2,398)          -        -        -       -        - (2,398)
                                                                                     
Total net comprehensive       -          -        -   14,329 (3,327)  (1,072)   9,930
income/(loss) in the                                                                 
period                                                                               
                                                                                     
Dividends paid to             -          -        -        -       -  (3,148) (3,148)
equity shareholders                                                                  
                                                                                     
                           ----       ----     ----     ----    ----     ----    ----
                                                                                     
Balance at 31 December   55,557         50  (1,258)   18,646 (1,455)   56,475 128,015
2008                                                                                 
                                                                                     
Total net comprehensive       -          -        -  (8,850)      62    (120) (8,908)
(loss)/income in the                                                                 
period                                                                               
                                                                                     
                           ----       ----     ----     ----    ----     ----    ----
                                                                                     
Balance at 30 June 2009  55,557         50  (1,258)    9,796 (1,393)   56,355 119,107
                                                                                     
                           ----       ----     ----     ----    ----     ----    ----


                                                 Shareholder   Minority         
                                                      equity   interest    Total
                                                        £000       £000     £000
                                                                                
Balance at 1 January 2008                             71,056        312   71,368
                                                                                
Acquisition of treasury shares                         (258)          -    (258)
                                                                                
Total net comprehensive income in the period           8,400        131    8,531
                                                                                
Share based payments                                   (417)          -    (417)
                                                                                
Dividends paid to equity shareholders                (4,759)          -  (4,759)
                                                                                
                                                      ------     ------   ------
                                                                                
Balance at 30 June 2008                               74,022        443   74,465
                                                                                
Acquisition of treasury shares                         (260)          -    (260)
                                                                                
Rights issue proceeds                                 49,869          -   49,869
                                                                                
Rights issue costs                                   (2,398)          -  (2,398)
                                                                                
Total net comprehensive income/(loss) in the           9,930        150   10,080
period                                                                          
                                                                                
Dividends paid to equity shareholders                (3,148)          -  (3,148)
                                                                                
                                                      ------     ------   ------
                                                                                
Balance at 31 December 2008                          128,015        593  128,608
                                                                                
Total net comprehensive (loss)/income in the         (8,908)        147  (8,761)
period                                                                          
                                                                                
                                                      ------     ------   ------
                                                                                
Balance at 30 June 2009                              119,107        740  119,847
                                                                                
                                                      ------     ------   ------


Group Cash Flow Statement

for the six months ended 30 June 2009

                                                                    30       30
                                                                  June     June
                                                                  2009     2008
                                                                  £000     £000
                                                                               
Operating activities                                                           
                                                                               
Cash generated from operations before exceptional costs         14,573   17,141
                                                                               
Discretionary pension payment                                    (950)    (950)
                                                                               
Exceptional costs                                              (1,340)    (730)
                                                                               
Tax received/(paid)                                                120    (605)
                                                                               
                                                                ------   ------
                                                                               
Net cash inflow from operating activities                       12,403   14,856
                                                                               
                                                                ------   ------
                                                                               
Investing activities                                                           
                                                                               
Interest received                                                  105      208
                                                                               
Proceeds on disposal of property, plant and equipment               65        -
                                                                               
Purchase of property, plant and equipment                      (1,758)    (568)
                                                                               
Payment to acquire investments                                   (236) (44,929)
                                                                               
                                                                ------   ------
                                                                               
Net cash flows from investing activities                       (1,824) (45,289)
                                                                               
                                                                ------   ------
                                                                               
Financing activities                                                           
                                                                               
Borrowing costs                                                (2,905)  (4,929)
                                                                               
Dividends paid to equity holders of the parent                     (9)  (4,759)
                                                                               
Repayment of borrowings                                        (6,778)    (475)
                                                                               
Proceeds from borrowings                                             -   38,705
                                                                               
Acquisition of treasury shares                                       -    (258)
                                                                               
Rights Issue costs                                                (23)        -
                                                                               
                                                                ------   ------
                                                                               
Net cash flows used in financing activities                    (9,715)   28,284
                                                                               
                                                                ------   ------
                                                                               
Net increase/(decrease) in cash and cash equivalents               864  (2,149)
                                                                               
Net foreign exchange differences                                 (280)       56
                                                                               
Cash and cash equivalents at 1 January                           9,280   10,237
                                                                               
                                                                ------   ------
                                                                               
Cash and cash equivalents at 30 June                             9,864    8,144
                                                                               
                                                                ------   ------

Notes to the accounts

1. Basis of preparation

The interim financial statements have been prepared in accordance with IAS34
"Interim Financial Reporting" and the Disclosure and Transparency Rules of the
Finance Services Authority.

In addition the interim financial statements have been prepared on a basis
consistent with the accounting policies set out in the Group's Annual Report
and Accounts for the year ended 31 December 2008 except for the adoption of
IAS1 (revised) "Presentation of Financial Statements", IAS8 "Operating
Segments" and IAS32 (revised) "Borrowing Costs".

The adoption of IAS1 (revised) has required the reconciliation of movements in
equity, previously disclosed in note 29 to the Group Financial Statement for
the year ended 31 December 2008, to be presented as a primary statement
entitled "Group Statement of Changes in Equity". In addition the Group
Statement of Recognised Income and Expense has been replaced with the Group
Statement of Comprehensive Income resulting in some presentational changes from
the previous statement.

In adopting IFRS8 the Group concluded that the operating segments were the same
business segments determined under IAS14 "Segment Reporting". Details of these
operating segments are disclosed in note 3. In adopting IAS23 (revised) the
Group has amended its accounting policy and, from 1 January 2009, now
capitalises borrowing costs on qualifying assets. The implementation of this
policy has had no material impact on the Group's financial statements.

The interim results are unaudited but have been formally reviewed by the
auditors and their report to the Company is set out at the end of this Interim
Report. The information shown for the year ended 31 December 2008 does not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006 and has been extracted from the Group's 2008 Annual Report,
which has been filed with the Registrar of Companies. The report of the
auditors on the accounts contained within the Group's 2008 Annual Report was
unqualified and did not contain a statement under either Article 245(2) or
Article 245(3) of the Companies (Northern Ireland) Order 1986 regarding
inadequate accounting records or a failure to obtain necessary information and
explanations.

2. Seasonality and cyclicality

There is no significant seasonality or cyclicality affecting the interim
results of the operations.

3. Segmental information

The Group operates in four principal areas of activity - radio in GB, radio in
Ireland, commercial television and new media. These four principal areas of
activity also form the basis on which the Group is managed and reports are
provided to the Chief Executive and the Board. The following is an analysis of
the revenue and results for the period, analysed by reportable segment.

Revenue

Six months ended 30 June 2009

                                     Radio     Radio Television New Media  Total
                                        GB   Ireland                            
                                                                                
                                      £000      £000       £000      £000   £000
                                                                                
Sales to third parties              20,783    12,324     15,534     5,864 54,505
                                                                                
Intersegmental sales                   464       667        806         -  1,937
                                                                                
                                     -----     -----      -----     -----   ----
                                                                                
Total segment revenue               21,247    12,991     16,340     5,864 56,442
                                                                                
                                     -----     -----      -----     -----   ----

Six months ended 30 June 2008

                                    Radio     Radio Television New Media  Total
                                       GB   Ireland                            
                                                                               
                                     £000      £000       £000      £000   £000
                                                                               
Sales to third parties             23,829    11,395     19,883     5,792 60,899
                                                                               
Intersegmental sales                  517       574        607         -  1,698
                                                                               
                                    -----     -----      -----     -----  -----
                                                                               
Total segment revenue              24,346    11,969     20,490     5,792 62,597
                                                                               
                                    -----     -----      -----     -----  -----

Results

Six months ended 30 June 2009

                                   Radio     Radio Television New Media   Total
                                      GB   Ireland                             
                                                                               
                                    £000      £000       £000      £000    £000
                                                                               
Segment operating profit before    4,468     3,580      1,815     1,008  10,871
exceptional costs                                                              
                                                                               
Share of results of associates       143         -          -         -     143
                                                                               
                                   -----     -----      -----     -----   -----
                                                                               
Profit before tax and finance      4,611     3,580      1,815     1,008  11,014
costs                                                                          
                                                                               
                                   -----     -----      -----     -----        
                                                                               
Net finance costs                                                       (2,967)
                                                                               
Foreign exchange loss                                                     (244)
                                                                               
                                                                          -----
                                                                               
Profit before tax                                                         7,803
                                                                               
Taxation                                                                (3,267)
                                                                               
                                                                          -----
                                                                               
Net profit for the period                                                 4,536
                                                                               
                                                                          -----

Six months ended 30 June 2008

                                   Radio     Radio Television New Media   Total
                                      GB   Ireland                             
                                                                               
                                    £000      £000       £000      £000    £000
                                                                               
Segment operating profit before    6,106     3,587      4,705       921  15,319
exceptional costs                                                              
                                                                               
Share of results of associates       101         -          -         -     101
                                                                               
                                   -----     -----      -----     -----   -----
                                                                               
Profit before tax and finance      6,207     3,587      4,705       921  15,420
costs                                                                          
                                                                               
                                   -----     -----      -----     -----        
                                                                               
Exceptional costs                                                         (487)
                                                                               
                                                                          -----
                                                                               
                                                                         14,933
                                                                               
Net finance costs                                                       (4,271)
                                                                               
Foreign exchange gain                                                        78
                                                                               
                                                                          -----
                                                                               
Profit before tax                                                        10,740
                                                                               
Taxation                                                                (2,422)
                                                                               
                                                                          -----
                                                                               
Net profit for the period                                                 8,318
                                                                               
                                                                          -----

4. Discontinued operations

Discontinued operations relate to a number of loss making radio stations in GB
which were identified for sale or closure in 2008 (stations in Dundee,
Stockport and Edinburgh) and 2009 (a station in Gwent). The £222,000 (2008: £
658,000) loss from discontinued operations reflected in our Income Statement
relates to a £252,000 (2008: £920,000) loss from operating activities less a
tax credit of £30,000 (2008: £262,000).

5. Property, plant and equipment

During the period the Group spent £1,758,000 on capital additions.

6. Exceptional items

                                                                    30       30
                                                                  June     June
                                                                  2009     2008
                                                                  £000     £000
                                                                               
Restructuring costs                                                  -    (547)
                                                                               
Tax credit associated with exceptional costs                         -      153
                                                                               
Exceptional tax charge                                    (i)  (1,500)        -
                                                                               
                                                                 -----    -----
                                                                               
                                                               (1,500)    (394)
                                                                               
                                                                 -----    -----

(i) During the year, the capital gains tax rate in the Republic of Ireland was
revised from 22% to 25%. Accordingly the 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 £1,500,000.

7. Dividends

                                                                    30       30
                                                                  June     June
                                                                  2009     2008
                                                                  £000     £000
                                                                               
Equity dividends on ordinary shares                                            
                                                                               
Declared and paid during the period                                            
                                                                               
Final for 2008: Nil (2007: 8.30p)                                    -    4,759
                                                                               
                                                                ------   ------
                                                                               
Proposed but not recognised as a liability at 30 June                          
                                                                               
Final for 2008: 2.00p (Paid on 15 July 2009)                     1,908         
                                                                               
Interim for 2009: Nil                                                -         
                                                                               
                                                                ------         

8. Earnings per share

Basic earnings per share is calculated based on the profit for the financial
period 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 period 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
period 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 period 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 period ended 30 June
2008 has 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

                                       2009                          2008             
                               ---------------------         --------------------     
                                                                                      
                           Continuing Discontinued       Continuing Discontinued      
                           Operations   Operations Total Operations   Operations Total
                                 £000         £000  £000       £000         £000  £000
                                                                                      
Net profit attributable to      4,389        (222) 4,167      8,187        (658) 7,529
equity holders                                                                        
                                                                                      
Exceptional items (net of       1,500            - 1,500        351           43   394
tax)                                                                                  
                                                                                      
                                 ----         ----   ---       ----          ---   ---
                                                                                      
Total adjusted and diluted      5,889        (222) 5,667      8,538        (615) 7,923
profit attributable to                                                                
equity holders                                                                        
                                                                                      
                                -----        -----  ----      -----        -----  ----

Weighted average number of shares

                                                                  2009      2008
                                                             thousands thousands
                                                                                
Weighted average number of shares for basic and adjusted        95,403    62,152
earnings per share (excluding treasury shares)                                  
                                                                                
Effect of dilution of the share options                              -        98
                                                                                
                                                                 -----     -----
                                                                                
Adjusted weighted average number of ordinary shares for         95,403    62,250
diluted earnings per share                                                      
                                                                                
                                                                ------    ------

Earnings per share

From continuing and discontinued operations

                                                                  2009     2008
                                                                               
Basic                                                            4.37p   12.11p
                                                                               
                                                                ------   ------
                                                                               
Diluted                                                          4.37p   12.09p
                                                                               
                                                                ------   ------
                                                                               
Adjusted                                                         5.94p   12.75p
                                                                               
                                                                ------   ------
                                                                               
Diluted adjusted                                                 5.94p   12.73p
                                                                               
                                                                ------   ------
                                                                               
From continuing operations                                                     
                                                                               
                                                                  2009     2008
                                                                               
Basic                                                            4.60p   13.17p
                                                                               
                                                                ------   ------
                                                                               
Diluted                                                          4.60p   13.15p
                                                                               
                                                                ------   ------
                                                                               
Adjusted                                                         6.17p   13.74p
                                                                               
                                                                ------   ------
                                                                               
Diluted adjusted                                                 6.17p   13.72p
                                                                               
                                                                ------   ------
                                                                               
From discontinuing operations                                                  
                                                                               
                                                                  2009     2008
                                                                               
Basic                                                          (0.23)p  (1.06)p
                                                                               
                                                                ------   ------
                                                                               
Diluted                                                        (0.23)p  (1.06)p
                                                                               
                                                                ------   ------
                                                                               
Adjusted                                                       (0.23)p  (0.99)p
                                                                               
                                                                ------   ------
                                                                               
Diluted adjusted                                               (0.23)p  (0.99)p
                                                                               
                                                                ------   ------

9. Financial liabilities

                                                         30        30        31
                                                       June      June  December
                                                       2009      2008      2008
                                                       £000      £000      £000
                                                                               
Current                                                                        
                                                                               
Current instalments due on bank loans                 8,255    45,005     8,650
                                                                               
Non-current                                                                    
                                                                               
Non-current instalments due on bank loans            97,298   112,026   108,267
                                                                               
                                                     ------    ------    ------
                                                                               
Total                                               105,553   157,031   116,917
                                                                               
                                                     ------    ------    ------

The bank loans at 30 June 2009 are stated net of deferred financing costs
amounting to £671,000 (30 June 2008: £1,163,000, 31 December 2008: £786,000).

10. Net debt

                                                          30        30        31
                                                        June      June  December
                                                        2009      2008      2008
                                                        £000      £000      £000
                                                                                
Bank loans                                         (106,224) (158,194) (117,703)
                                                                                
Cash and short term deposits                           9,864     8,144     9,280
                                                                                
                                                      ------    ------    ------
                                                                                
Net debt                                            (96,360) (150,050) (108,423)
                                                                                
                                                      ------    ------    ------

11. Pension schemes

The IAS 19 deficit at 30 June 2009 is £13,718,000 compared with a deficit of £
8,593,000 at 31 December 2008. The increase in the deficit partly reflects a
substantial increase in the assumption for long term price inflation from the
start of the year from 2.9% per annum to 3.5% per annum, as indicated by
changes in the relative yields of long dated fixed interest and index linked
gilts. This increased the projected benefit payments from the Scheme, albeit
this effect was partly mitigated by an increase in the liability discount rate
of 6.25% per annum to 6.4% per annum. The discount rate was established using a
consistent approach on both dates, based on the yields available from corporate
bonds with an appropriate duration to the Scheme's liabilities.

There was an actuarial loss on the assets as they produced a slightly negative
return during the six months period (approximately 7% per annum).

These movements were partially offset by a payment of £950,000 to the UTV
Scheme over and above normal funding during the period. The Company will also
be making an additional contribution to the UTV Scheme of £1,150,000 before 31
December 2009.

12. Related party transactions

The nature of related parties disclosed in the consolidated financial
statements for the Group as at and for the year ended 31 December 2008 has not
changed. There have been no significant related party transactions in the six
month period ended 30 June 2009.

Risks and uncertainties

The 2008 Annual Report sets out the most significant risk factors relating to
UTV Media plc's operations in the Company's judgement at the time of that
report. The Company does not consider that these principal risks and
uncertainties have changed. However additional risks and uncertainties not
currently known to the Company, or that the Company does not currently deem
material, may also have an adverse effect on its business.

With respect to the risks and uncertainties identified within the Annual
Report, the Chairman's statement highlights those risks and uncertainties that
will have significant impact throughout 2009.

Statement of directors' responsibilities

The interim report is the responsibility of, and has been approved by, the
directors of UTV Media plc. Accordingly, the directors confirm that to the best
of their knowledge:

  * the condensed set of financial statements has been prepared in accordance
    with IAS 34 "Interim Financial Reporting" as adopted by the European Union;
   
  * the interim report includes a fair review of the information required by
    the Disclosure and Transparency Rules:
   
- DTR 4.2R, being an indication of important events that have occurred during
the first six months of the financial year and their impact on the condensed
set of financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the year; and

- DTR 4.2R, being related party transactions that have taken place in the first
six months of the current financial year and that have materially affected the
financial position or performance of the entity during that period, and any
changes in the related party transactions described in the last annual report
that could do so.

By order of the Board:

John McCann
Group Chief Executive
27 August 2009


Independent Review Report to UTV Media plc

Introduction

We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the 6 months ended 30 June
2009 which comprises the Group Income Statement, Group Statement of
Comprehensive Income, Group Balance Sheet, Group Statement of Changes in
Equity, Group Cash Flow Statement and the related notes 1 to 12. We have read
the other information contained in the half yearly financial report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.

This report is made solely to the company in accordance with guidance contained
in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our work, for this
report, or for the conclusions we have formed.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure and Transparency
Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, "Interim Financial Reporting", as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.

Scope of Review

We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the 6 months ended 30 June 2009 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.

Ernst & Young LLP
Belfast
27 August 2009