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UTV Media PLC (UTV)

  Print      Mail a friend       Annual reports

Tuesday 31 August, 2010

UTV Media PLC

Half-yearly Report


UTV Media plc

Interim Report

For the 6 months ended 30 June 2010

Financial highlights on continuing operations

  * Group revenue up by 9% to £59.2m (2009: £54.4m)
   
  * Group operating profit including associates, up by 9% to £12.2m (2009: £
    11.2m)
   
  * Pre-tax profits up by 17% to £9.4m (2009: £8.0m)
   
  * £18.4m reduction in net debt over 12 months to £77.3m (2009: £95.7m)
   
  * Net finance costs down 10% to £2.7m (2009: £3.0m)
   
  * Diluted adjusted earnings per share up by 16% to 7.36p (2009: 6.32p)
   
  * Proposed interim dividend of 1.00p (2009: Nil)
   
Operational highlights and prospects

  * Continuing strong audience delivery across both Radio and Television
   
  * GB Radio and Television revenue, strengthened by the World Cup, experienced
    strong growth in the first six months
   
  * The decline in Irish Radio revenue has been arrested, with growth of 3%
    anticipated in the third quarter
   
  * Radio GB benefited from the inclusion of Sport magazine, which was acquired
    in May 2009, and complements the strong sports-led offering to advertisers
   
  * Advertising revenue in talkSPORT in the second half of the year is expected
    to benefit from the two significant rights packages obtained for the
    Premier League
   
  * Greater operational flexibility has been facilitated by the renegotiation
    of key banking covenants at better than market interest rates
   
John McCann, Group Chief Executive, UTV Media plc, said:

"The first six months of 2010 saw a better trading performance due to the
improving economic environment and the stimulus of the World Cup and this
improvement in trading appears to be continuing in the third quarter."

 

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

Chairman's Statement

Introduction

The improving economic environment and the stimulus of the World Cup
underpinned a better trading performance in the first six months. Consequently,
profit before tax increased by 17% to £9.4m (2009: £8.0m) which, coupled with
strong cash management, drove net debt down to £77.3m, some £18.4m less than at
30 June 2009.

Results and Dividend

In the first six months of 2010 group turnover from continuing operations
increased by 9% to £59.2m (2009: £54.4m). Group operating profit, including
associates, was up by 9% to £12.2m (2009: £11.2m), driven primarily by a strong
performance in our radio divisions, where operating profit improved by 17% to £
9.8m (2009: £8.4m). Television operating profit was lower at £1.4m (2009: £
1.8m) while new media maintained its operating profit at £1.0m (2009: £1.0m).
Lower net interest costs of £2.7m (2009: £3.0m) helped lift pre-tax profits to
£9.4m (2009: £8.0 m). Post tax profits on continuing operations of £7.2m (2009:
£6.2m) delivered a 16% improvement in diluted adjusted earnings per share of
7.36p (2009: 6.32p).

Against the background of an improved trading performance, your Board has
re-instated an interim dividend, declared at 1.00p (2009: Nil) which will be
paid on 15 October 2010 to all shareholders on the Register at the close of
business on 17 September 2010.

Radio

Our GB radio division performed strongly in the first half with turnover up by
22% to £25.1m (2009: £20.6m). Within this, the World Cup helped to lift revenue
at talkSPORT by 23% to £12.6m (2009: £10.2m) while local radio revenue was
unchanged at £10.3m (2009: £10.3m). Even after accounting for the significant
additional costs associated with the World Cup, talkSPORT's operating profit
increased by 48% to £3.9m (2009: £2.7m) while operating profit at our local
radio stations decreased marginally to £2.2m (2009: £2.3m). The turnaround at
Sport Magazine, which we acquired for a nominal sum in May 2009, was creditable
with the previously loss-making magazine recording an operating profit of £0.5m
on revenue of £2.2m. Overall, our GB radio division recorded a 38% increase in
operating profit to £6.6m (2009: £4.8m).

The performance of our Irish radio division continued to be impacted by the
difficult economic environment but the significant decline in advertising
revenue experienced in 2009 moderated in the first six months of 2010. On a
like for like basis, revenue in the first half of this year was down by 4%,
with the month of June recording an increase of 6%. Movement in foreign
exchange brought a further 3% reduction resulting in revenue being down at £
11.5m (2009: £12.3m) for the first half. This reduction was mitigated by
additional cost savings of £0.4m resulting in an operating profit of £3.2m
(2009: £3.6m) for Irish radio.

Television

A welcome improvement in the UK airtime market in the first quarter of 2010 was
not matched in the Irish marketplace but the second quarter brought growth in
both the UK and Ireland. With the additional stimulus of the World Cup,
television advertising revenue was up by 7% to £15.0m (2009: £14.0m) in the six
months to 30 June 2010. In this period, total television revenue was £17.0m
(2009: £15.5m). Additional network programme costs, primarily in respect of the
World Cup, and higher commission and bonus payments more than offset the
improvement in revenue, resulting in a lower television operating profit of £
1.4m (2009: £1.8m).

New Media

Revenue in our new media division reduced slightly to £5.6m (2009: £5.9m) but
this was offset by a £0.3m reduction in costs. Consequently, new media
maintained an operating profit of £1.0m for the six months to 30 June 2010.

Net Debt

Following on from a £19.1m reduction in net debt in 2009, we further reduced
debt by £11.2m in the first six months of 2010. Improved profitability and a
tight focus on the management of working capital provided the cash generation
to help reduce net debt to £77.3m at 30 June 2010 (2009: £95.7m).

In order to provide additional operational flexibility the Group accepted an
offer from its banking consortium to ease the terms of its key banking
covenants for a margin increase. The new covenants are effective from 1 April
2010 until the facilities expire in June 2013.

Prospects

The fragility of economic recovery warrants caution in any forward looking
statements. Nevertheless, the improvement in trading this year is evident and
this is continuing into the third quarter of 2010.

Total revenue in our GB radio division is expected to be up by 10% in the third
quarter. Within this our national radio station, talkSPORT, is expected to
increase its revenue by 15% in the three months to 30 September and the
acquisition of two significant rights packages for Premier League coverage,
while adding to costs, should drive both audience and revenue growth. Recovery
at our local radio operations is lagging this and in the third quarter, revenue
is expected to be down by 5%. The transformation of Sport magazine's fortunes
has continued into the third quarter, raising expectations that its success in
the first half of the year can be replicated in the second half, even in the
absence of World Cup activity.

After a very difficult period, our Irish radio stations are experiencing an
improving trend. Strong audience delivery is driving the success of our unique
Urban Access offering to advertisers, even in a weak market, and we would
expect our Irish radio advertising revenue to show a 3% improvement in the
three months to 30 September 2010.

Recovery in our Irish television advertising revenue had also lagged the UK
market but again, the improving trend has gradually brought this part of our
revenue back into positive territory. We forecast that our total television
advertising revenue will be up by 15% in the third quarter of this year.

Our new media division operates in a highly competitive consumer marketplace.
Nevertheless, while pricing pressures may hamper revenue growth, our continued
focus on cost control should enhance margins and maintain operating profit in
the three months to 30 September 2010.

In last year's Interim Results I wrote that the UTV group was "well positioned
for the upturn when this current unpredictable period comes to an end". While
it could not yet be said that the unpredictable period is at an end, it is fair
to say that much of the difficult work to prepare the group for the recession
is bearing fruit. As ever, a sustained recovery in the wider economy is the
pre-requisite to ensuring that the group can take full advantage of its strong
position in the markets in which it operates.

John B McGuckian

Chairman

31 August 2010

Group Income Statement

for the six months ended 30 June 2010

                         Results                             Results                            
                         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 2010        2010        2010        2009        2009        2009       
                                                                                                
                         £000        £000        £000        £000        £000        £000       
                                                                                                
Continuing                                                                                      
operations                                                                                      
                                                                                                
Revenue            3     59,169      -           59,169      54,365      -           54,365     
                                                                                                
Operating costs          (47,107)    -           (47,107)    (43,302)    -           (43,302)   
                                                                                                
                         ----------  ----------  ----------  ----------  ----------  ---------- 
                                                                                                
Operating profit   3     12,062      -           12,062      11,063      -           11,063     
from continuing                                                                                 
operations before                                                                               
tax and finance                                                                                 
costs                                                                                           
                                                                                                
Share of results         151         -           151         143         -           143        
of associates                                                                                   
accounted for                                                                                   
using the equity                                                                                
method                                                                                          
                                                                                                
                         ----------  ----------  ----------  ----------  ----------  ---------- 
                                                                                                
Profit from              12,213      -           12,213      11,206      -           11,206     
continuing                                                                                      
operations before                                                                               
tax and finance                                                                                 
costs                                                                                           
                                                                                                
Finance revenue          36          -           36          104         -           104        
                                                                                                
Finance costs            (2,708)     -           (2,708)     (3,071)     -           (3,071)    
                                                                                                
Foreign exchange         (153)       -           (153)       (244)       -           (244)      
loss                                                                                            
                                                                                                
                         ----------  ----------  ----------  ----------  ----------  ---------- 
                                                                                                
Profit from              9,388       -           9,388       7,995       -           7,995      
continuing                                                                                      
operations before                                                                               
tax                                                                                             
                                                                                                
Taxation                 (2,159)     -           (2,159)     (1,821)     (1,500)     (3,321)    
                                                                                                
                         ----------  ----------  ----------  ----------  ----------  ---------- 
                                                                                                
Profit from              7,229       -           7,229       6,174       (1,500)     4,674      
continuing                                                                                      
operations after                                                                                
tax                                                                                             
                                                                                                
Discontinued operations                                                                         
                                                                                                
Loss from          6     -           -           -           (360)       -           (360)      
discontinued                                                                                    
operations                                                                                      
                                                                                                
                         ----------  ----------  ----------  ----------  ----------  ---------- 
                                                                                                
                         7,229       -           7,229       5,814       (1,500)     4,314      
                                                                                                
                         ----------- ----------- ----------- ----------- ----------- -----------
                                                                                                
Attributable to:                                                                                
                                                                                                
Equity holders of        7,070       -           7,070       5,667       (1,500)     4,167      
the parent                                                                                      
                                                                                                
Minority interests       159         -           159         147         -           147        
                                                                                                
                         ----------  ----------  ----------  ----------  ----------  ---------- 
                                                                                                
                         7,229       -           7,229       5,814       (1,500)     4,314      
                                                                                                
                         ----------- ----------- ----------- ----------- ----------- -----------
                                                                                                

                                          Note     2010    2009   
                                                                  
Earnings per share                                                
                                                                  
Continuing operations                                             
                                                                  
Basic                                     8        7.41p   4.75p  
                                                                  
Diluted                                   8        7.36p   4.75p  
                                                                  
Adjusted                                  8        7.41p   6.32p  
                                                                  
Diluted adjusted                          8        7.36p   6.32p  
                                                                  
                                                   ------- -------
                                                                  
Continuing and discontinued operations                            
                                                                  
Basic                                     8        7.41p   4.37p  
                                                                  
Diluted                                   8        7.36p   4.37p  
                                                                  
Adjusted                                  8        7.41p   5.94p  
                                                                  
Diluted adjusted                          8        7.36p   5.94p  
                                                                  
                                                   ------- -------
                                                                  

Group Statement of Comprehensive Income

for the six months ended 30 June 2010

                                           30         30         
                                           June       June       
                                           2010       2009       
                                                                 
                                           £000       £000       
                                                                 
Profit for the period                      7,229      4,314      
                                                                 
                                           ---------- -----------
                                                                 
Other comprehensive (expense)/income                             
                                                                 
Exchange difference on translation of      (6,435)    (8,850)    
foreign operations                                               
                                                                 
Actuarial loss on defined benefit          (3,668)    (5,960)    
pension schemes                                                  
                                                                 
Cash flow hedges:                                                
                                                                 
- Loss arising during the year             (996)      (639)      
                                                                 
- Less transfers to the income             1,116      728        
statement                                                        
                                                                 
Tax relating to other comprehensive        1,007      1,646      
income                                                           
                                                                 
                                           ---------- -----------
                                                                 
Other comprehensive expense for the        (8,976)    (13,075)   
period, net of tax                                               
                                                                 
                                           ---------- -----------
                                                                 
Total comprehensive expense for the        (1,747)    (8,761)    
period, net of tax                                               
                                                                 
                                           ---------- -----------
                                                                 
Attributable to:                                                 
                                                                 
Equity holders of the parent               (1,906)    (8,908)    
                                                                 
Minority interests                         159        147        
                                                                 
                                           ---------- -----------
                                                                 
                                           (1,747)    (8,761)    
                                                                 
                                           ---------- -----------
                                                                 

Group Balance Sheet

for the six months ended 30 June 2010

                                                          Restated               
                                                                                 
                                              30          30          31         
                                              June        June        December   
                                      Notes   2010        2009        2009       
                                                                                 
                                              £000        £000        £000       
                                                                                 
ASSETS                                                                           
                                                                                 
Non-current assets                                                               
                                                                                 
Property, plant and equipment         5       10,574      11,468      11,440     
                                                                                 
Intangible assets                             251,634     256,491     261,030    
                                                                                 
Investments accounted for using the           246         258         137        
equity method                                                                    
                                                                                 
Deferred tax asset                            13,094      16,758      14,255     
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
                                              275,548     284,975     286,862    
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
Current assets                                                                   
                                                                                 
Inventories                                   617         522         332        
                                                                                 
Trade and other receivables                   32,103      28,146      32,915     
                                                                                 
Cash and short term deposits                  10,434      9,864       8,434      
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
                                              43,154      38,532      41,681     
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
TOTAL ASSETS                                  318,702     323,507     328,543    
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
EQUITY AND LIABILITIES                                                           
                                                                                 
Equity attributable to equity holders of the                                     
parent                                                                           
                                                                                 
Equity share capital                          55,557      55,557      55,557     
                                                                                 
Capital redemption reserve                    50          50          50         
                                                                                 
Treasury Shares                               (1,258)     (1,258)     (1,258)    
                                                                                 
Foreign currency reserve                      5,997       9,796       12,432     
                                                                                 
Cash flow hedge reserve                       (716)       (1,393)     (821)      
                                                                                 
Retained earnings                             66,156      54,447      63,409     
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
                                              125,786     117,199     129,369    
                                                                                 
Minority interest                             656         740         747        
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
TOTAL EQUITY                                  126,442     117,939     130,116    
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
Non-current liabilities                                                          
                                                                                 
Interest bearing loans and borrowings 9       79,592      97,298      88,532     
                                                                                 
Pension liability                     10      13,505      13,718      10,999     
                                                                                 
Provisions                                    992         1,623       1,060      
                                                                                 
Deferred tax liabilities                      48,597      49,244      49,580     
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
                                              142,686     161,883     150,171    
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
Current liabilities                                                              
                                                                                 
Trade and other payables                      38,653      31,871      36,793     
                                                                                 
Current portion of interest bearing   9       8,109       8,255       8,374      
loans and borrowings                                                             
                                                                                 
Financial liabilities                         969         1,869       1,100      
                                                                                 
Tax payable                                   1,425       1,348       1,540      
                                                                                 
Provisions                                    418         342         449        
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
                                              49,574      43,685      48,256     
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
TOTAL LIABILITIES                             192,260     205,568     198,427    
                                                                                 
                                              ----------- ----------- -----------
                                                                                 
TOTAL EQUITY AND LIABILITIES                  318,702     323,507     328,543    
                                                                                 
                                              ----------- ----------- -----------

Group Cash Flow

for the six months ended 30 June 2010

                                                            30         30         
                                                            June       June      
                                                            2010       2009      
                                                                                 
                                                            £000       £000      
                                                                                 
Operating activities                                                             
                                                                                 
Profit before tax                                           9,388      7,551     
                                                                                 
Adjustments to reconcile profit before tax to net cash                           
flows from operating activities                                                  
                                                                                 
Foreign exchange loss                                       153        244       
                                                                                 
Net finance costs                                           2,672      2,967     
                                                                                 
Share of results of associates                              (151)      (143)     
                                                                                 
Depreciation of property, plant and equipment               832        887       
                                                                                 
Difference between pension contributions paid and amounts   (1,164)    (811)     
recognised in the income statement                                               
                                                                                 
Increase in inventories                                     (285)      (31)      
                                                                                 
(Increase)/decrease in trade and other receivables          (343)      1,610     
                                                                                 
Increase in trade and other payables                        1,448      719       
                                                                                 
(Decrease)/increase in provisions                           (49)       642       
                                                                                 
Profit from sale of property, plant and equipment           (14)       (12)      
                                                                                 
Share based payments                                        231        -         
                                                                                 
                                                            --------   --------- 
                                                                                 
Cash generated from operations before exceptional costs     12,718     13,623    
                                                                                 
Exceptional costs                                           (397)      (1,340)   
                                                                                 
Tax received                                                18         120       
                                                                                 
                                                            ---------- ----------
                                                                                 
Net cash inflow from operating activities                   12,339     12,403    
                                                                                 
                                                            ---------- ----------
                                                                                 
Investing activities                                                             
                                                                                 
Interest received                                           30         105       
                                                                                 
Proceeds on disposal of property, plant and equipment       25         65        
                                                                                 
Purchase of property, plant and equipment                   (359)      (1,758)   
                                                                                 
Payment to acquire investments                              (203)      (236)     
                                                                                 
                                                            ---------- ----------
                                                                                 
Net cash flows from investing activities                    (507)      (1,824)   
                                                                                 
                                                            ---------- ----------
                                                                                 
Financing activities                                                             
                                                                                 
Borrowing costs                                             (2,348)    (2,905)   
                                                                                 
Dividends paid to equity holders of the parent              (3)        (9)       
                                                                                 
Dividends paid to minority shareholders of subsidiaries     (250)      -         
                                                                                 
Repayment of borrowings                                     (7,022)    (6,778)   
                                                                                 
Rights issue costs                                          (2)        (23)      
                                                                                 
                                                            ---------- ----------
                                                                                 
Net cash flows used in financing activities                 (9,625)    (9,715)   
                                                                                 
                                                            ---------- ----------
                                                                                 
Net increase in cash and cash equivalents                   2,207      864       
                                                                                 
Net foreign exchange differences                            (207)      (280)     
                                                                                 
Cash and cash equivalents at 1 January                      8,434      9,280     
                                                                                 
                                                            ---------- ----------
                                                                                 
Cash and cash equivalents at 30 June                        10,434     9,864     
                                                                                 
                                                            ---------- ----------
                                                                                 

Group Statement of Changes in Equity

for the six months ended 30 June 2010

                                                                                   Restated                        
                Equity     Capital                Foreign    Cashflow   Restated   Share                           
                share      redemption  Treasury   currency   hedge      Retained   holder     Minority   Restated  
                capital    reserve     shares     reserve    reserve    earnings   equity     interest   Total     
                                                                                                                   
                £000       £000        £000       £000       £000       £000       £000       £000       £000      
                                                                                                                   
At 1 January    55,557     50          (1,258)    18,646     (1,455)    56,475     128,015    593        128,608   
2009                                                                                                               
                                                                                                                   
Total net       -          -           -          (8,850)    62         (120)      (8,908)    147        (8,761)   
comprehensive                                                                                                      
income/                                                                                                            
(expense) in                                                                                                       
the period                                                                                                         
                                                                                                                   
Dividends       -          -           -          -          -          (1,908)    (1,908)    -          (1,908)   
payable to                                                                                                         
equity                                                                                                             
shareholders                                                                                                       
                                                                                                                   
                ---------  ----------  ---------- ---------- ---------- ---------- ---------- ---------- ----------
                                                                                                                   
At 30 June 2009 55,557     50          (1,258)    9,796      (1,393)    54,447     117,199    740        117,939   
                                                                                                                   
Total net       -          -           -          2,636      572        8,880      12,088     317        12,405    
comprehensive                                                                                                      
income/                                                                                                            
(expense) in                                                                                                       
the period                                                                                                         
                                                                                                                   
Dividends paid  -          -           -          -          -          -          -          (310)      (310)     
to minority                                                                                                        
shareholders                                                                                                       
                                                                                                                   
Share based     -          -           -          -          -          82         82         -          82        
payment                                                                                                            
                                                                                                                   
                ---------  ----------  ---------- ---------- ---------- ---------- ---------- ---------- ----------
                                                                                                                   
At 31 December  55,557     50          (1,258)    12,432     (821)      63,409     129,369    747        130,116   
2009                                                                                                               
                                                                                                                   
Total net       -          -           -          (6,435)    105        4,424      (1,906)    159        (1,747)   
comprehensive                                                                                                      
income/                                                                                                            
(expense) in                                                                                                       
the period                                                                                                         
                                                                                                                   
Dividends paid  -          -           -          -          -          -          -          (250)      (250)     
to minority                                                                                                        
shareholders                                                                                                       
                                                                                                                   
Share based     -          -           -          -          -          231        231        -          231       
payment                                                                                                            
                                                                                                                   
Dividends       -          -           -          -          -          (1,908)    (1,908)    -          (1,908)   
payable to                                                                                                         
equity                                                                                                             
shareholders                                                                                                       
                                                                                                                   
                ---------  ----------  ---------- ---------- ---------- ---------- ---------- ---------- ----------
                                                                                                                   
At 30 June 2010 55,557     50          (1,258)    5,997      (716)      66,156     125,786    656        126,442   
                                                                                                                   
                ---------- ----------  ---------- ---------- ---------- ---------- ---------- ---------- ----------

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 2009.

Retained earnings together with trade and other payables in the comparative
Balance Sheet at 30 June 2009, and consequently the Statement of Changes in
Equity for the six month period then ended, have been restated to recognise the
final 2008 dividend paid in July 2009 of £1,908,000, but which was approved at
the Company's annual general meeting in May 2009. The Statements of
Comprehensive Income, the Cash Flow Statement and the financial position as at
1 January 2009 are unaffected.

These interim financial statements have been prepared on the going concern
basis as the directors, having considered available relevant information, have
a reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future.

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 2009 does not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006 and has been extracted from the Group's 2009 Annual Report,
which has been filed with the Registrar of Companies. The report of the
auditors on the accounts contained within the Group's 2009 Annual Report was
unqualified and did not contain a statement under either Section 498(2) or
Section 498(3) of the Companies Act 2006 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 2010                                                    
                                                                                 
                       Radio GB   Radio       Television  New Media   Total      
                                  Ireland                                        
                                                                                 
                       £000       £000        £000        £000        £000       
                                                                                 
Sales to third parties 25,114     11,466      16,977      5,612       59,169     
                                                                                 
Intersegmental sales   378        663         1,089       -           2,130      
                                                                                 
                       ---------- ----------- ----------- ----------- -----------
                                                                                 
Total segment revenue  25,492     12,129      18,066      5,612       61,299     
                                                                                 
                       ---------- ----------- ----------- ----------- -----------
                                                                                 
Six months ended 30 June 2009                                                    
                                                                                 
                       Radio GB   Radio       Television  New Media   Total      
                                  Ireland                                        
                                                                                 
                       £000       £000        £000        £000        £000       
                                                                                 
Sales to third parties 20,643     12,324      15,534      5,864       54,365     
                                                                                 
Intersegmental sales   464        667         806         -           1,937      
                                                                                 
                       ---------- ----------- ----------- ----------- -----------
                                                                                 
Total segment revenue  21,107     12,991      16,340      5,864       56,302     
                                                                                 
                       ---------- ----------- ----------- ----------- -----------

Results

Six months ended 30 June 2010                                            
                                                                         
                         Radio GB Radio    Television New      Total     
                                  Ireland             Media              
                                                                         
                         £000     £000     £000       £000     £000      
                                                                         
Segment operating profit 6,493    3,190    1,350      1,029    12,062    
before exceptional costs                                                 
                                                                         
Share of results of                                            151       
associates                                                               
                                                                         
Net finance costs                                              (2,672)   
                                                                         
Foreign exchange loss                                          (153)     
                                                                         
                                                               ----------
                                                                         
Profit before tax                                              9,388     
                                                                         
                                                               ----------
                                                                         
Six months ended 30 June 2009                                            
                                                                         
                         Radio GB Radio    Television New      Total     
                                  Ireland             Media              
                                                                         
                         £000     £000     £000       £000     £000      
                                                                         
Segment operating profit 4,660    3,580    1,815      1,008    11,063    
before exceptional costs                                                 
                                                                         
Share of results of                                            143       
associates                                                               
                                                                         
Net finance costs                                              (2,967)   
                                                                         
Foreign exchange loss                                          (244)     
                                                                         
                                                               ----------
                                                                         
Profit before tax                                              7,995     
                                                                         
                                                               ----------

4. Discontinued operations

Discontinued operations in 2009 relate to Central FM which was sold on 8
January 2010 for a nominal sum and Valleys Radio which was closed on 30 April
2009.

5. Property, plant and equipment

During the period the Group spent £337,000 on capital additions.

6. Taxation

In 2009 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 exceptional charge of £1,500,000
in the comparative period.

In the emergency budget in June 2010, changes in future corporation tax rates
in the UK were proposed. As these have not yet been substantively enacted,
deferred tax has been calculated at 28% within this Interim Report. If the
proposed corporation tax rate changes were to be fully approved, the relevant
deferred tax assets and liabilities would be restated accordingly resulting in
a net exceptional credit of approximately £4,300,000.

7. Dividends

                                           30               30              
                                                                            
                                           June             June            
                                                                            
                                           2010             2009            
                                                                            
                                           £000             £000            
                                                                            
Equity dividends on ordinary shares                                         
                                                                            
Declared and paid during the period        -                -               
                                                                            
                                           ----------       ----------      
                                                                            
Proposed and recognised as a liability at                                   
30 June                                                                     
                                                                            
Final for 2009: 2.00p (2008: 2.00p)        1,908            1,908           
                                                                            
                                           ----------       ----------      
                                                                            
Proposed but not recognised as a liability                                  
at 30 June                                                                  
                                                                            
Interim for 2010: 1.00p (2009: Nil)        954              -               
                                                                            
                                           ----------       ----------      

The final dividend for 2009 was paid on 15 July 2010 (2008: 15 July 2009).

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. Diluted adjusted earnings
per share are calculated based on profit for the financial period attributable
to equity holders of the parent before exceptional items. In each case the
weighted average number of shares is adjusted to reflect the dilutive potential
of the awards expected to be vested on the Long Term Incentive Schemes.

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                                                                             
                                                                                           
                              2010                                   2009                  
                                                                                           
                Continuing  Discontinued Total     Continuing  Discontinued   Total        
                Operations  Operations             Operations  Operations                  
                                                                                           
                £000        £000         £000      £000        £000           £000         
                                                                                           
Net profit      7,070       -            7,070     4,527       (360)          4,167        
attributable to                                                                            
equity holders                                                                             
                                                                                           
Exceptional     -           -            -         1,500       -              1,500        
items (net of                                                                              
tax)                                                                                       
                                                                                           
                -------     -------      ------    -------     ------         ------       
                                                                                           
Total adjusted  7,070       -            7,070     6,027       (360)          5,667        
and diluted                                                                                
profit                                                                                     
attributable to                                                                            
equity holders                                                                             
                                                                                           
                ----------- -----------  --------- ----------- -----------    -----------  
                                                                                           
Weighted average number of shares                                                          
                                                                                           
                                                               2010           2009         
                                                                                           
                                                               thousands      thousands    
                                                                                           
Weighted average number of shares for basic and adjusted       95,403         95,403       
earnings per share (excluding treasury shares)                                             
                                                                                           
Dilutive potential of the Long Term Incentive Schemes          672            -            
                                                                                           
                                                               -----          -----        
                                                                                           
Adjusted weighted average number of ordinary shares for        96,075         95,403       
diluted earnings per share                                                                 
                                                                                           
                                                               -----------    -----------  

Earnings per share                                             
                                                               
From continuing and discontinued                               
operations                                                     
                                                               
                                        2010        2009       
                                                               
Basic                                   7.41p       4.37p      
                                                               
                                        ----------- -----------
                                                               
Diluted                                 7.36p       4.37p      
                                                               
                                        ----------- -----------
                                                               
Adjusted                                7.41p       5.94p      
                                                               
                                        ----------- -----------
                                                               
Diluted adjusted                        7.36p       5.94p      
                                                               
                                        ----------- -----------
                                                               
From continuing operations                                     
                                                               
                                        2010        2009       
                                                               
Basic                                   7.41p       4.75p      
                                                               
                                        ----------- -----------
                                                               
Diluted                                 7.36p       4.75p      
                                                               
                                        ----------- -----------
                                                               
Adjusted                                7.41p       6.32p      
                                                               
                                        ----------- -----------
                                                               
Diluted adjusted                        7.36p       6.32p      
                                                               
                                        ----------- -----------
                                                               
From discontinued operations                                   
                                                               
                                        2010        2009       
                                                               
Basic                                   -           (0.38)p    
                                                               
                                        ----------- -----------
                                                               
Diluted                                 -           (0.38)p    
                                                               
                                        ----------- -----------
                                                               
Adjusted                                -           (0.38)p    
                                                               
                                        ----------- -----------
                                                               
Diluted adjusted                        -           (0.38)p    
                                                               
                                        ----------- -----------
                                                               

9. Financial liabilities

                                          30          30          31         
                                          June        June        December   
                                          2010        2009        2009       
                                                                             
                                          £000        £000        £000       
                                                                             
Current                                                                      
                                                                             
Current instalments due on bank           8,109       8,255       8,374      
loans                                                                        
                                                                             
Non-current                                                                  
                                                                             
Non-current instalments due on            79,592      97,298      88,532     
bank loans                                                                   
                                                                             
                                          ----------- ----------- -----------
                                                                             
Total                                     87,701      105,553     96,906     
                                                                             
                                          ----------- ----------- -----------

The bank loans at 30 June 2010 are stated net of deferred financing costs
amounting to £496,000 (30 June 2009: £671,000; 31 December 2009: £594,000).

10. Pension schemes

The IAS 19 deficit at 30 June 2010 is £13,505,000 compared with a deficit of £
10,999,000 at 31 December 2009. The increase is the result of actuarial losses
both on the assets and liabilities during the period.

The assets generated lower than expected return during the period resulting in
an actuarial loss of £2,658,000.

The liabilities reflect a further increase in life expectancy for the
participating members by the inclusion of an allowance for future long term
improvements on mortality rates. The effect of this was partly offset by price
inflation falling by more than the discount rate during the period resulting in
an overall actuarial loss on the liabilities of £1,021,000.

These actuarial losses were partially offset by a payment £1,181,000 to the UTV
Scheme over and above normal funding during the period.

11. 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 2009 has not
changed. There have been no significant related party transactions in the six
month period ended 30 June 2010.

Risks and uncertainties

The 2009 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 2010.

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 4.2.7R, 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 4.2.8R, 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

31 August 2010

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
2010 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 11. 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 2010 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

31 August 2010