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 2010, to
the date of this announcement and incorporates the Group's four month trading
period ended 30 April 2010.
During those four months the Group experienced an overall revenue increase of
5% compared to last year. After adjusting for the impact of foreign exchange
and Sport magazine, which was acquired in June 2009, the like for like increase
Other than the information contained in this Interim Management Statement,
there have been no material events or transactions in the period from 1 January
2010 to 18 May 2010 which have affected UTV and its financial position that
have not been previously disclosed.
Trading performance for the fourmonth period ended 30 April 2010 and Outlook by
Revenue in our Radio GB division for the four months to the end of April was up
by 8%, based on continuing operations and excluding the contribution from Sport
magazine. This is compared to a market which we believe grew by 5% during the
same period. We anticipate that revenue in this division will grow by 13% in
May and June reflecting better underlying market conditions and the positive
effect of the World Cup. Sport Magazine, which has been profitable in the
period, is also benefiting from these factors.
Revenue in our Radio Ireland division declined by 7% in the period to 30 April
compared to last year with sterling translation exchange losses accounting for
2%. The like for like decline in sales was therefore 5%. This negative trend is
continuing but with some improvement in May and June which are expected to be
down by 3% on a like for like basis.
Revenue in the Television division to the end of April increased by 1% with
Dublin sales being down by 13%. Improving market sentiment and the World Cup
should lead to much stronger revenue growth of 19% in May and June.
The performance of our New Media business in the first four months of 2010 is
in line with that achieved in the same period in 2009. This is expected to
continue in May and June.
Net debt continues to reduce in line with our expectations and we anticipate
that it will continue to decline to 31 December 2010 in line with previous
Summary and Outlook
Airtime bookings continue to be short term thereby offering limited forward
visibility. We are encouraged by the fact that trading in the first half of
2010 is ahead of our expectations, particularly in talkSPORT and Television.
However, we remain cautious about the remainder of the year, due to the
uncertainty surrounding the pace of recovery in the UK and the timing of
recovery in the Republic of Ireland.
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