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 ten month trading
period ended 31 October 2010.
During those ten months the Group experienced overall revenue growth of 9%
compared to the same period last year. After adjusting for the impact of
foreign exchange and Sport Magazine, which was acquired in May 2009, like for
like growth was 8%.
Other than the information contained in this Interim Management Statement and
in previous reports, there have been no material events or transactions in the
period up to 18 November 2010 which have affected UTV and its financial
Trading performance for the tenmonth period ended31 October2010and Outlook by
Revenue in our Radio GB division for the ten months to the end of October grew
by 17%, based on continuing operations. On a like for like basis, revenue grew
The UK radio market was up by 2% in the same period. We anticipate that revenue
in this division will be flat in the last two months of this year. Sport
Magazine remains on track to deliver the substantial year on year profit
improvement previously indicated.
Radio Ireland revenue declined by 2% on a like for like basis in the period to
31 October, excluding sterling translation exchange losses. Before the exchange
adjustment the decline was 5% and this is expected to continue broadly at this
rate for the last two months of the year.
Television advertising revenue to the end of October increased by 11% compared
to a network increase of 17%. We anticipate that revenue in this division will
be up by 11% in the last two months of this year.
Cumulative New Media revenue declined by 3% to the end of October with the same
position forecast for the full year.
We continue to maintain a policy of debt reduction to strengthen our balance
sheet and anticipate that the strong cash generative nature of the business
will enable us to further reduce debt in line with previous guidance.
The uncertain wider economic conditions and the continued short-term airtime
bookings make us cautious in our outlook. Nonetheless, the revenue growth
experienced by our Television and Radio GB divisions combined with the out
performance of our Radio Ireland business provides encouragement going forward.
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
Figures presented in this interim management statement are not audited. This
announcement 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