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UTV Media PLC (UTV)

  Print      Mail a friend       Annual reports

Tuesday 22 March, 2011

UTV Media PLC

Preliminary Results


UTV Media plc

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

Preliminary Results

for the year ended 31 December 2010

Financial highlights on continuing operations *

  * Group revenue up by 7% to £120.2m (2009: £112.1m)
   
  * Group operating profit up by 8% to £25.9m (2009: £24.0m)
   
  * Record pre-tax profits up by 17% to £21.1m (2009: £18.1m)
   
  * £17.0m reduction in net debt over 12 months to £71.5m (2009: £88.5m), a 34%
    reduction over the last 2 years
   
  * Net finance costs down by 19% to £4.7m (2009: £5.8m)
   
  * Impairment charge of £35.0m recognised on Local Radio licences
   
  * Diluted adjusted earnings per share from continuing operations up by 15% to
    16.70p (2009: 14.49p)
   
  * Proposed final dividend of 3.00p (2009: 2.00p) resulting in a full year
    dividend up by 100% to 4.00p (2009: 2.00p)
   
* As appropriate, references to profit include associate income but exclude
exceptional items

Operational highlights and prospects

  * Continuing strong audience delivery across both Radio and Television
   
  * Radio divisions materially outperformed their markets
   
  * GB Radio revenue, strengthened by the World Cup and Premier League content
    plus the inclusion of Sport magazine, experienced significant growth in the
    year
   
  * Radio Ireland delivered a robust performance in challenging market
    conditions
   
  * Television revenue experienced strong growth
   
  * Greater operational flexibility created by strong cash management leading
    to significant debt reduction
   
John McCann, Group Chief Executive, UTV Media plc, said:

"I am pleased that despite the difficult economic environment UTV achieved
record pre tax profits, pre exceptional items, in 2010. With strong audiences
across our platforms and significantly reduced debt we remain confident that we
are well placed to meet market challenges and opportunities over the coming
year".

Key Dates

  * 17 May 2011 - date of Annual General Meeting
   
  * 27 May 2011 - record date for payment of dividends
   
  * 15 July 2011 - payment of dividends
   
For further information contact:

Maitland

Anthony Silverman                                +44 (0) 20 7379 5151  

UTV Media plc

John McCann          Group Chief Executive       +44 (0) 28 90 26 2202 
                                                                       
Norman McKeown       Group Finance Director      +44 (0) 28 90 26 2098 
                                                                       
Orla McKibbin        Head of Communications      +44 (0) 28 90 26 2188 

Chairman's Statement

Introduction

It is pleasing to note that, despite the macroeconomic environment, your
company achieved record pre tax profits, pre exceptional items, in 2010.
Equally pleasing is the fact that net debt was reduced by 34% over the two
years to 31 December 2010. This debt reduction was achieved in the difficult
economic circumstances of the past two years whilst maintaining a level of
dividend payment to our shareholders. Our Radio businesses continued to grow in
importance for the Group and accounted for 72% of pre exceptional operating
profit in the year under review.

Results *

Operating profit in our radio divisions increased by 12% to £18.7m (2009: £
16.7m) whilst television operating profit was maintained at £5.3m. New Media
operating profit was slightly down at £1.9m (2009: £2.0m). Group operating
profit therefore, was £1.9m higher at £25.9m (2009: £24.0m). After charging net
interest of £4.7m (2009: £5.8m), group profit before tax and exceptional items
was up by 17% to £21.1m (2009: £18.1 m). The exceptional items after tax of £
24.8m (2009: £2.4m) relate primarily to an accounting non-cash impairment
charge in respect of GB radio assets.

[* As appropriate, references to Operating Profit include associate income but
exclude exceptional items.]

Dividend

Our dividend policy over the past two years has been shaped by the need to be
cautious in recessionary times and by our stated objective to reduce our debt.
While continuing to drive down debt and remaining prudent during uncertain
economic conditions, nevertheless we believe that it is now appropriate to
increase the dividend to partly reflect our improved profit and debt
performance. Therefore, your Board is recommending a final dividend of 3.00p
(2009: 2.00p) making a total for the year of 4.00p (2009: 2.00p), an increase
of 100%. The final dividend will be paid on 15 July 2011 to all shareholders on
the Register at the close of business on 27 May 2011.

Radio *

Our radio divisions accounted for 60% of group turnover and 72% of group
operating profit in 2010. Total radio operating profit of £18.7m (2009: £16.7m)
comprised £11.7m (2009: £9.7m) from our GB division and £7.0m (2009: £7.0m)
from our Ireland division.

Within our GB division talkSPORT, including the first full year of Sport
magazine, delivered operating profits up by 36% to £6.4m (2009: £4.7m) on
turnover up by 27% to £28.2m (2009: £22.2m). This compares to a national radio
advertising market which was up by 6% in the year. talkSPORT's creditable
growth in turnover was enhanced by the World Cup, but its ability to deliver
strong male demographic audiences year round is its key attraction to
advertisers. Our focus on providing quality programming was evident both in a
24% improvement year on year in listenership and in our winning the rights to
two Premier League Football packages for the three years commencing 2010/11,
which should further drive audience delivery.

Our local radio stations in GB also recorded an improvement in audience
delivery, with listenership up by 10% year on year, which helped to offset
weakness in the local advertising revenue market. Operating profit at our local
radio stations was up by 6% to £5.3m (2009: £5.0m) on turnover down by 1% to £
21.0m (2009: £21.3m). This compares to a local radio advertising market which
was flat in the year.

The market in which our Irish radio stations operate was extremely difficult,
but this was mitigated by our ability to offer national advertisers a package
comprising our leading stations in key urban areas. Indeed, the listenership of
the local radio stations for which we sell airtime overtook that of the state
broadcaster's main national radio channel for the first time. Consequently,
although turnover in our Irish radio division was down by 2% at constant
currency this was a significant outperformance of a total market which we
estimate to be down by at least 10%. In sterling terms, our Irish radio revenue
was down by 6% to £23.4m (2009: £24.8m). Strenuous efforts to further reduce
costs ensured that operating profit at our Irish radio division was maintained
at £7.0m.

Television

The television advertising market enjoyed a good recovery in 2010 with the
World Cup providing an additional stimulus which lifted ITV network by 15% in
the year. Weakness in our advertising revenue from the Republic of Ireland
resulted in our television advertising revenue underperforming that of the
network by 11 percentage points in the first half, but this gap was closed in
the second half when we outperformed the network by 3 percentage points. For
the year as a whole, our television advertising revenue was up by 11%, helping
to lift total television turnover to £36.7m (2009: £32.6m). Costs were also
higher, primarily due to World Cup rights and production, and additional
bonuses and commissions on the improved revenue. As a result television
operating profit was flat at £5.3m.

New Media

In a highly competitive market place our New Media division developed a number
of new revenue streams which have helped mitigate the reduction in revenue to £
11.2m (2009: £11.5m). A continued focus on costs has also enabled the division
to deliver an operating profit of £1.9m (2009: £2.0m).

Impairment Review

The Wireless Group was acquired as a single asset in 2005. Accounting rules
required that the carrying value of intangible assets inherent within The
Wireless Group - largely the radio licences held - had to be determined at the
date of acquisition and allocated on the basis of subjective forecasts for
"cash generating units" within that asset, now known as UTV Radio GB. Each year
the individual cash generating units are assessed for impairment in our group
financial statements. The impact of the recession has caused us to revise
downwards the growth forecasts for the local radio stations within that
division. Together with a higher discount rate this has resulted in the
carrying value of the local radio station's licences within Radio GB being
subject to an impairment charge of £35.0m which reduces the carrying value to £
46.1m. talkSPORT's robust performance, even in the economic downturn, has far
exceeded our original forecasts but this improvement cannot be recognised in
our accounts. If reviewed in totality there would have been no requirement for
an impairment charge in UTV Radio GB.

Prospects *

The new year has started well for the group despite the prevailing economic
uncertainty. Our GB radio division revenue is expected to be up by 3% in the
first four months of 2011, which would be a significant outperformance of a UK
market likely to be down by about 6%. A similarly strong outperformance of the
depressed Irish market by our Irish radio division is expected to maintain
radio advertising in the four months to the end of April at the same level as
last year against a market likely to be down at least 5%. In television, we
continue to enjoy strong growth and anticipate an 8% improvement in the first
four months, which should be broadly in line with the market. In the same
period turnover in New Media is in line with last year.

Overall, therefore, we expect turnover in the first four months of 2011 to be
up by 2%, which would be particularly encouraging after a year of record pre
tax profits. The fragility of both consumer confidence and economic recovery
may lead to volatility in the advertising markets in which we operate, making
it imprudent to forecast revenue for the year as a whole. Nevertheless, the
combination of the solid foundation of the first four months trading, strong
audience delivery in each of our divisions and a continued focus on costs and
cash provides some measure of confidence for 2011.

People

I wish to place on record my appreciation of the significant contribution which
the Board, management and staff made to the successful outcome for the year.

John B McGuckian

Chairman

22 March 2011

Group Income Statement

For the year ended 31 December 2010

                            Results                            Results                        
                                                                                              
                             before                             before                        
                                                                                              
                        Exceptional Exceptional            Exceptional Exceptional            
                                                                                              
                              Items       Items      Total       Items       Items       Total
                                                                                              
                  Notes        2010        2010       2010        2009        2009        2009
                                                                                              
                               £000        £000       £000        £000        £000        £000
                                                                                              
Continuing                                                                                    
operations                                                                                    
                                                                                              
Revenue               2     120,199           -    120,199     112,079           -     112,079
                                                                                              
Operating costs            (94,556)           -   (94,556)    (88,396)           -    (88,396)
                                                                                              
                          ---------   ---------    -------     -------   ---------    --------
                                                                                              
Operating profit             25,643           -     25,643      23,683           -      23,683
from continuing                                                                               
operations                                                                                    
before tax and                                                                                
finance costs                                                                                 
                                                                                              
Non-operational       3           -           -          -           -       (564)       (564)
exceptional                                                                                   
costs                                                                                         
                                                                                              
Impairment of         3           -    (35,000)   (35,000)           -           -           -
intangible                                                                                    
assets                                                                                        
                                                                                              
Share of results                216           -        216         291           -         291
of associates                                                                                 
accounted for                                                                                 
using the equity                                                                              
method                                                                                        
                                                                                              
                          ---------   ---------    -------   ---------   ---------    --------
                                                                                              
(Loss)/profit         2      25,859    (35,000)    (9,141)      23,974       (564)      23,410
from continuing                                                                               
operations                                                                                    
before tax and                                                                                
finance costs                                                                                 
                                                                                              
Finance revenue                  76           -         76          89           -          89
                                                                                              
Finance costs               (4,760)           -    (4,760)     (5,848)           -     (5,848)
                                                                                              
Foreign exchange               (80)           -       (80)       (129)           -       (129)
loss                                                                                          
                                                                                              
                          ---------   ---------    -------   ---------   ---------    --------
                                                                                              
(Loss)/profit         2      21,095    (35,000)   (13,905)      18,086       (564)      17,522
from continuing                                                                               
operations                                                                                    
before tax                                                                                    
                                                                                              
Taxation                    (4,666)      10,235      5,569     (3,663)     (1,492)     (5,155)
                                                                                              
                          ---------   ---------    -------   ---------   ---------    --------
                                                                                              
(Loss)/profit                16,429    (24,765)    (8,336)      14,423     (2,056)      12,367
from continuing                                                                               
operations after                                                                              
tax                                                                                           
                                                                                              
Discontinued                                                                                  
operations                                                                                    
                                                                                              
Loss from                         -           -          -       (321)       (299)       (620)
discontinued                                                                                  
operations                                                                                    
                                                                                              
                          ---------   ---------    -------   ---------   ---------    --------
                                                                                              
(Loss)/profit                16,429    (24,765)    (8,336)      14,102     (2,355)      11,747
for the year                                                                                  
                                                                                              
                          ---------   ---------    -------   ---------   ---------    --------
                                                                                              
Attributable to:                                                                              
                                                                                              
Equity holders               16,012    (24,765)    (8,753)      13,491     (2,355)      11,136
of the parent                                                                                 
                                                                                              
Minority                        417           -        417         611           -         611
interests                                                                                     
                                                                                              
                          ---------   ---------    -------   ---------   ---------    --------
                                                                                              
                             16,429    (24,765)    (8,336)      14,102     (2,355)      11,747
                                                                                              
                        ----------- ----------- ---------- ----------- ----------- -----------

Earnings per                 Notes              2010             2009
share                                                                
                                                                     
Continuing                                                           
operations                                                           
                                                                     
Basic and diluted                5           (9.17)p           12.32p
                                                                     
Adjusted                         5            16.78p           14.49p
                                                                     
Diluted adjusted                 5            16.70p           14.49p
                                                                     
Continuing and                                                       
discontinued                                                         
operations                                                           
                                                                     
Basic and diluted                5           (9.17)p           11.67p
                                                                     
Adjusted                         5            16.78p           14.15p
                                                                     
Diluted adjusted                 5            16.70p           14.15p

Group Statement of Comprehensive Income

For the year ended 31 December 2010

                                                    2010        2009
                                                                    
                                                    £000        £000
                                                                    
(Loss)/profit for the year                       (8,336)      11,747
                                                                    
                                                --------    --------
                                                                    
Other comprehensive income                                          
                                                                    
Exchange difference on translation of            (2,933)     (6,214)
foreign operations                                                  
                                                                    
Actuarial gain/(loss) on defined benefit           3,043     (3,274)
pension schemes                                                     
                                                                    
Cash flow hedges:                                                   
                                                                    
Loss arising during the year                     (1,167)     (1,019)
                                                                    
Less transfers to the income statement             1,471       1,857
                                                                    
Tax relating to other comprehensive income         (878)         694
                                                                    
                                                --------    --------
                                                                    
Other comprehensive loss for the year, net         (464)     (7,956)
of tax                                                              
                                                                    
                                                --------    --------
                                                                    
Total comprehensive (loss)/income for the        (8,800)       3,791
year, net of tax                                                    
                                                                    
                                                --------    --------
                                                                    
Attributable to:                                                    
                                                                    
Equity holders of the parent                     (9,217)       3,180
                                                                    
Minority interests                                   417         611
                                                                    
                                                --------    --------
                                                                    
                                                 (8,800)       3,791
                                                                    
                                             ----------- -----------

Group Balance Sheet

At 31 December 2010

                                                           2010        2009
                                                                           
ASSETS                                        Notes        £000        £000
                                                                           
Non-current assets                                                         
                                                                           
Property, plant and equipment                            10,695      11,440
                                                                           
Intangible assets                                       221,856     261,030
                                                                           
Investments accounted for using the equity                  172         137
method                                                                     
                                                                           
Deferred tax asset                                        9,876      14,255
                                                                           
                                                    ----------- -----------
                                                                           
                                                        242,599     286,862
                                                                           
                                                    ----------- -----------
                                                                           
Current assets                                                             
                                                                           
Inventories                                               1,741       1,469
                                                                           
Trade and other receivables                              28,180      31,778
                                                                           
Cash and short term deposits                      8      11,250       8,434
                                                                           
                                                    ----------- -----------
                                                                           
                                                         41,171      41,681
                                                                           
                                                    ----------- -----------
                                                                           
TOTAL ASSETS                                            283,770     328,543
                                                                           
                                                    ----------- -----------
                                                                           
EQUITY AND LIABILITIES                                                     
                                                                           
Equity attributable to equity holders of the                               
parent                                                                     
                                                                           
Equity share capital                                     55,557      55,557
                                                                           
Capital redemption reserve                                   50          50
                                                                           
Treasury shares                                         (1,258)     (1,258)
                                                                           
Foreign currency reserve                                  9,499      12,432
                                                                           
Cash flow hedge reserve                                   (581)       (821)
                                                                           
Retained earnings                                        54,441      63,409
                                                                           
                                                    ----------- -----------
                                                                           
                                                        117,708     129,369
                                                                           
Minority interest                                           475         747
                                                                           
                                                    ----------- -----------
                                                                           
TOTAL EQUITY                                            118,183     130,116
                                                                           
                                                    ----------- -----------
                                                                           
Non-current liabilities                                                    
                                                                           
Financial liabilities                             7      74,490      88,532
                                                                           
Derivative financial liabilities                            370           -
                                                                           
Pension liability                                 9       6,800      10,999
                                                                           
Provisions                                                  970       1,060
                                                                           
Deferred tax liabilities                                 38,416      49,580
                                                                           
                                                    ----------- -----------
                                                                           
                                                        121,046     150,171
                                                                           
                                                    ----------- -----------
                                                                           
Current liabilities                                                        
                                                                           
Trade and other payables                                 32,363      36,793
                                                                           
Financial liabilities                             7       8,254       8,374
                                                                           
Derivative financial liabilities                            420       1,100
                                                                           
Tax payable                                               3,076       1,540
                                                                           
Provisions                                                  428         449
                                                                           
                                                    ----------- -----------
                                                                           
                                                         44,541      48,256
                                                                           
                                                    ----------- -----------
                                                                           
TOTAL LIABILITIES                                       165,587     198,427
                                                                           
                                                    ----------- -----------
                                                                           
TOTAL EQUITY AND LIABILITIES                            283,770     328,543
                                                                           
                                                    ----------- -----------

Group Cash Flow Statement

For the year ended 31 December 2010

                                                            2010           2009
                                                                               
                                            Note            £000           £000
                                                                               
Operating activities                                                           
                                                                               
(Loss)/profit before tax                                (13,905)         16,767
                                                                               
Adjustments to reconcile (loss)/profit                                         
before tax to                                                                  
                                                                               
net cash flows from operating activities                                       
                                                                               
Foreign exchange loss                                         80            129
                                                                               
Net finance costs before exceptional                       4,684          5,759
costs                                                                          
                                                                               
Share of results of associates                             (216)          (291)
                                                                               
Non-operational exceptional costs                         35,000            873
                                                                               
Depreciation of property, plant and                        1,636          1,816
equipment                                                                      
                                                                               
Difference between pension contributions                 (1,156)          (867)
paid and amounts recognised in the                                             
income statement                                                               
                                                                               
(Increase)/decrease in inventories                         (272)            159
                                                                               
Decrease/(increase) in trade and other                     3,143        (2,198)
receivables                                                                    
                                                                               
(Decrease)/increase in trade and other                   (3,584)          6,952
payables                                                                       
                                                                               
Decrease in provisions                                      (24)          (246)
                                                                               
Profit from sale of property, plant and                     (21)           (29)
equipment                                                                      
                                                                               
Share based payments                                         418             82
                                                                               
                                                     -----------    -----------
                                                                               
Cash generated from operations before                     25,783         28,906
exceptional costs                                                              
                                                                               
Exceptional costs                                          (549)        (1,781)
                                                                               
Tax paid                                                   (226)          (279)
                                                                               
                                                     -----------    -----------
                                                                               
Net cash inflow from operating                            25,008         26,846
activities                                                                     
                                                                               
                                                     -----------    -----------
                                                                               
Investing activities                                                           
                                                                               
Interest received                                             76             96
                                                                               
Proceeds on disposal of property, plant                      151            111
and equipment                                                                  
                                                                               
Purchase of property, plant and                          (1,159)        (2,697)
equipment                                                                      
                                                                               
Dividends received from associates                           181            227
                                                                               
Outflow on acquisition of subsidiary                        (13)          (154)
undertaking                                                                    
                                                                               
Outflow on acquisition of joint ventures                    (69)              -
                                                                               
Acquisition of trade and net assets                            -          (217)
                                                                               
                                                     -----------    -----------
                                                                               
Net cash flows from investing activities                   (833)        (2,634)
                                                                               
                                                     -----------    -----------
                                                                               
Financing activities                                                           
                                                                               
Borrowing costs                                          (3,021)        (3,822)
                                                                               
Swap cost                                                (1,471)        (1,857)
                                                                               
Dividends paid to equity shareholders                    (2,851)        (1,911)
                                                                               
Dividends paid to minority interests                       (689)          (457)
                                                                               
Repayment of borrowings                                 (13,233)       (16,765)
                                                                               
Rights issue                                                   -           (50)
                                                                               
                                                     -----------    -----------
                                                                               
Net cash flows used in financing                        (21,265)       (24,862)
activities                                                                     
                                                                               
                                                     -----------    -----------
                                                                               
Net increase/(decrease) in cash and cash                   2,910          (650)
equivalents                                                                    
                                                                               
Net foreign exchange differences                            (94)          (196)
                                                                               
Cash and cash equivalents at 1 January                     8,434          9,280
                                                                               
                                                     -----------    -----------
                                                                               
Cash and cash equivalents at 31 December       8          11,250          8,434
                                                                               
                                                     -----------    -----------
                                                                               

Group Statement of Changes in Equity

For the year ended 31 December 2010

                    Equity    Capital             Foreign  Cashflow               Share                    
                                                                                                           
                     share redemption  Treasury  currency     hedge  Retained    holder  Minority          
                                                                                                           
                   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                                                                                                       
                                                                                                           
                    ------  ---------   -------   -------  --------   -------    ------    ------   -------
                                                                                                           
Profit for the           -          -         -         -         -    11,136    11,136       611    11,747
year                                                                                                       
                                                                                                           
Other                    -          -         -   (6,214)       634   (2,376)   (7,956)         -   (7,956)
comprehensive                                                                                              
(loss)/income in                                                                                           
the year                                                                                                   
                                                                                                           
                    ------  ---------   -------   -------  --------   -------    ------    ------   -------
                                                                                                           
Total net                -          -         -   (6,214)       634     8,760     3,180       611     3,791
comprehensive                                                                                              
income/(loss) in                                                                                           
the year                                                                                                   
                                                                                                           
Share based              -          -         -         -         -        82        82         -        82
payment                                                                                                    
                                                                                                           
Equity dividends         -          -         -         -         -   (1,908)   (1,908)     (457)   (2,365)
paid                                                                                                       
                                                                                                           
                    ------  ---------   -------   -------  --------   -------    ------    ------   -------
                                                                                                           
At 31 December      55,557         50   (1,258)    12,432     (821)    63,409   129,369       747   130,116
2009                                                                                                       
                                                                                                           
                    ------  ---------   -------   -------  --------   -------    ------    ------   -------
                                                                                                           
Loss for the             -          -         -         -         -   (8,753)   (8,753)       417   (8,336)
year                                                                                                       
                                                                                                           
Other                    -          -         -   (2,933)       240     2,229     (464)         -     (464)
comprehensive                                                                                              
(loss)/income in                                                                                           
the year                                                                                                   
                                                                                                           
                    ------  ---------   -------   -------  --------   -------     -----    ------   -------
                                                                                                           
Total net                -          -         -   (2,933)       240   (6,524)   (9,217)       417   (8,800)
comprehensive                                                                                              
income/(loss) in                                                                                           
the year                                                                                                   
                                                                                                           
Share based              -          -         -         -         -       418       418         -       418
payment                                                                                                    
                                                                                                           
Equity dividends         -          -         -         -         -   (2,862)   (2,862)     (689)   (3,551)
paid                                                                                                       
                                                                                                           
                    ------  ---------   -------   -------  --------   -------    ------    ------   -------
                                                                                                           
At 31 December      55,557         50   (1,258)     9,499     (581)    54,441   117,708       475   118,183
2010                                                                                                       
                                                                                                           
                 ---------  --------- --------- --------- --------- --------- --------- --------- ---------

Notes to the accounts

For the year ended 31 December 2010

 1. Basis of preparation
   
The Group's financial statements consolidate those of UTV Media plc, and its
subsidiaries (together referred to as the "Group") and the Group's interest in
associates and jointly controlled entities.

The Group financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by the European
Union as they apply to the financial statements of the Group for the year ended
31 December 2010 and applied in accordance with the Companies Act 2006. The
accounts are principally prepared on the historical cost basis except where
other bases are applied under the Group's accounting policies.

The financial information set out in the preliminary announcement does not
constitute statutory accounts within the meaning of Section 435 of the
Companies Act 2006 in respect of the accounts for the year ended 31 December
2010.  The statutory accounts for the year ended 31 December 2009, upon which
the Company's auditors have given a report which was unqualified and did not
contain a statement under section 498(2) or (3) of the Companies Act 2006, have
been delivered to the Registrar of Companies.  The statutory accounts for the
year ended 31 December 2010 have yet to be signed.  They will be finalised on
the basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies in
due course.

 2. Revenue and segmental analysis
   
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. Discontinued operations, which
existed in 2009, related to a number of loss making radio stations in GB which
were identified for sale or closure.

Revenue represents the amounts derived from the provision of goods and services
which fall within the Group's ordinary activities, stated net of value added
tax. Revenue from Radio and Television activities is generated from advertising
and sponsorship. Revenue from New Media is generated from the provision of
internet services. The amount of revenue derived from the sale of goods or
other activities is immaterial and therefore has not been separately disclosed.
Transfer prices between business segments are set on an arm's length basis in a
manner similar to transactions with third parties.

The following tables' present revenue and segment result information regarding
the Group's business segments for the years ended 31 December 2010 and 2009.

Revenue                                                                                     
                                                                                            
Year ended 31 December 2010                                                                 
                                                                                            
                              Radio        Radio                           New              
                                                                                            
                                 GB      Ireland     Television          Media       Total  
                                                                                            
                               £000         £000           £000           £000        £000  
                                                                                            
Sales to third               48,944       23,359         36,655         11,241     120,199  
parties                                                                                     
                                                                                            Intersegmental sales            754        1,388          2,333              -       4,475  
                                                                                            
                        -----------  -----------    -----------    ----------- -----------  
                                                                                            
                             49,698       24,747         38,988         11,241     124,674  
                                                                                            
                        -----------  -----------    -----------    -----------  ----------  
                                                                                            
Year ended 31 December 2009                                                                 
                                                                                            
                              Radio        Radio                           New              
                                                                                            
                                 GB      Ireland     Television          Media       Total  
                                                                                            
                               £000         £000           £000           £000        £000  
                                                                                            
Sales to third               43,173       24,823         32,544         11,539     112,079  
parties                                                                                     
                                                                                            
Intersegmental                  846        1,544          1,838              -       4,228  
sales                                                                                       
                                                                                            
                         ----------  -----------    -----------    ----------- -----------  
                                                                                            
                             44,019       26,367         34,382         11,539     116,307  
                                                                                            
                          ---------  -----------    -----------    -----------  ----------  
                                                                                            
Results                                                                                     
                                                                                            
Year ended 31 December 2010                                                                 
                                                                                            
                                   Radio        Radio                       New             
                                                                                            
                                      GB      Ireland   Television        Media        Total
                                                                                            
                                    £000         £000         £000         £000         £000
                                                                                            
Segment operating                 11,475        6,992        5,256        1,920       25,643
profit before                                                                               
exceptional costs                                                                           
                                                                                            
                             -----------  -----------  -----------  -----------             
                                                                                            
Associate income                                                                         216
                                                                                            
                                                                                 -----------
                                                                                            
Profit before                                                                         25,859
exceptional costs, tax                                                                      
and finance costs                                                                           
                                                                                            
Exceptional costs                                                                   (35,000)
                                                                                            
                                                                                 -----------
                                                                                            
                                                                                     (9,141)
                                                                                            
Net finance cost                                                                     (4,684)
                                                                                            
Foreign exchange loss                                                                   (80)
                                                                                            
                                                                                 -----------
                                                                                            
Loss before taxation                                                                (13,905)
                                                                                            
                                                                                 -----------
                                                                                            
Year ended 31 December 2009                                                                 
                                                                                            
                                   Radio        Radio                       New             
                                                                                            
                                      GB      Ireland   Television        Media        Total
                                                                                            
                                    £000         £000         £000         £000         £000
                                                                                            
Segment operating                  9,420        7,036        5,258        1,969       23,683
profit before                                                                               
exceptional costs                                                                           
                                                                                            
                             -----------  -----------  -----------  -----------             
                                                                                            
Associate income                                                                         291
                                                                                            
                                                                                 -----------
                                                                                            
Profit before                                                                         23,974
exceptional costs, tax                                                                      
and finance costs                                                                           
                                                                                            
Exceptional costs                                                                      (564)
                                                                                            
                                                                                 -----------
                                                                                            
                                                                                      23,410
                                                                                            
Net finance cost                                                                     (5,759)
                                                                                            
Foreign exchange loss                                                                  (129)
                                                                                            
                                                                                 -----------
                                                                                            
Profit before taxation                                                                17,522
                                                                                            
                                                                                 -----------
                                                                                            

3. Exceptional items

                  Continuing Operations   Discontinued Operations          Total         
                                                                                         
                 _____________________    _____________________   ______________________ 
                                                                                         
                        2010         2009        2010        2009        2010        2009
                                                                                         
                        £000         £000        £000        £000        £000        £000
                                                                                         
Impairment of       (35,000)            -           -           -    (35,000)           -
intangible                                                                               
assets                                                                                   
                                                                                         
Fundamental                -        (344)           -       (309)           -       (653)
restructuring                                                                            
costs                                                                                    
                                                                                         
Impairment of              -        (220)           -           -           -       (220)
investment                                                                               
                                                                                         
                     -------      -------     -------      ------     -------     -------
                                                                                         
                    (35,000)        (564)           -       (309)    (35,000)       (873)
                                                                                         
                 -----------  ----------- ----------- ----------- ----------- -----------

Impairment of intangible assets

Despite improving listenership in the GB Local Radio business and the
significant cost savings and efficiencies achieved over the past 18 months, a
slow recovery of advertising revenues in the GB local advertising market has
necessitated a downward revision of our growth potential in this sector. The
resultant cash flows, coupled with the impact of higher discounts rates
(pre-tax discount rate of 12.8% in 2010 versus 11.4% in 2009) applied thereto,
has resulted in an impairment charge of £35.0m and hence a reduction in the
carrying value of Local Radio to £46.1m (2009: £81.1m).

The requirement under IAS36 to treat The Wireless Group acquisition as two cash
generating units, means that the robust performance of talkSPORT, which has
resulted in its value far exceeding our original forecasts, cannot be
considered in conjunction with that of Local Radio. Considered in totality,
there is no requirement for an impairment charge against the cost of investment
in UTV Radio GB.

Year ended 31 December 2009

In 2009, this fundamental restructuring continued in Radio GB, with the
disposal or closure of loss making stations. In addition, Independent Network
News, the provider of a news service to the radio stations in Ireland, closed
at the end of October 2009. Radio Ireland has a commitment to help fund the
closure and wind-up costs of this business. Consequently, the group invested
the necessary funds in this company but immediately recognised impairment on
this investment of £220,000.

Taxation

The exceptional tax charge of £10,235,000 (2009: £1,492,000) reflects the tax
credit of £9,450,000 (2009: £69,000) on the exceptional costs outlined above
plus the exceptional deferred tax credit of £785,000 (2009: charge of £
1,561,000) due to the change in the UK corporation tax rate from 28% to 27%
(2009: change in the Republic of Ireland capital gains tax rate from 22% to
25%).

4. Taxation

(a) Tax on profit on ordinary                                   
activities                                                      
                                                                
                                             2010           2009
                                                                
                                             £000           £000
                                                                
Current income tax:                                             
                                                                
UK corporation tax on profits for           (922)          (482)
the year                                                        
                                                                
Adjustments in respect of previous          (128)            470
years                                                           
                                                                
                                      -----------    -----------
                                                                
                                          (1,050)           (12)
                                                                
                                      -----------    -----------
                                                                
Foreign tax:                                                    
                                                                
ROI corporation tax on profits for          (539)          (376)
the year                                                        
                                                                
Adjustments in respect of previous           (60)           (34)
years                                                           
                                                                
                                      -----------    -----------
                                                                
                                            (599)          (410)
                                                                
                                      -----------    -----------
                                                                
Total current tax                         (1,649)          (422)
                                                                
Deferred tax:                                                   
                                                                
Origination and reversal of timing        (3,442)        (3,348)
differences                                                     
                                                                
Adjustments in respect of previous            425            232
years                                                           
                                                                
                                      -----------    -----------
                                                                
Tax charge in the income statement                              
on                                                              
                                                                
operating activities                      (4,666)        (3,538)
                                                                
Tax credit arising on exceptional           9,450             79
costs                                                           
                                                                
Exceptional deferred tax credit/              785        (1,561)
(charge)                                                        
                                                                
                                      -----------    -----------
                                                                
Total tax credit/(charge)                   5,569        (5,020)
                                                                
                                      -----------    -----------
                                                                
The tax credit/(charge) in the                                  
Income Statement is disclosed as:                               
                                                                
Tax credit/(charge) on continuing           5,569        (5,155)
operations                                                      
                                                                
Tax credit on discontinued                      -            135
operations                                                      
                                                                
                                      -----------    -----------
                                                                
Tax credit/(charge) in the income           5,569        (5,020)
statement                                                       
                                                                
                                      -----------    -----------
                                                                
Tax relating to items in the                                    
Statement of Comprehensive Income                               
                                                                
Deferred tax:                                                   
                                                                
Actuarial (gain)/loss on pension            (821)            917
schemes                                                         
                                                                
Revaluation of cash flow hedges              (64)          (223)
                                                                
Valuation of long term incentive                7              -
plan                                                            
                                                                
                                      -----------    -----------
                                                                
Tax (charge)/credit in the statement        (878)            694
of comprehensive income                                         
                                                                
                                      -----------    -----------

(b) Exceptional credit

During the year, the corporation tax rate in the UK was revised from 28% to 27%
(effective from April 2011). Accordingly all the deferred tax assets and
liabilities in respect in the reporting segments subject to UK corporation tax
were restated to recognise the future gains or charges thereon at this rate.
This resulted in a net credit of £785,000 in 2010. In addition, £9,450,000 was
released from the deferred tax liability on the recognition of the impairment
of intangible assets as outlined in note 3.

In 2009, the capital gains tax rate in the Republic of Ireland was revised from
22% to 25%. Accordingly all 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 £1,561,000 in 2009.

5. Earnings per share

Basic earnings per share are calculated based on the profit for the financial
year 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 year 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 adjusted earnings per share are calculated based on profit for the
financial year attributable to equity holders of the parent adjusted for the
exceptional items. The weighted average number of shares is adjusted to reflect
the dilutive potential of the Long Term Incentive Plan.

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              Continuing Discontinued            
                                                                                               
                       Operations   Operations       Total  Operations   Operations       Total
                                                                                               
                             £000         £000        £000        £000         £000        £000
                                                                                               
Net (loss)/profit         (8,753)            -     (8,753)      11,756        (620)      11,136
attributable to                                                                                
equity holders                                                                                 
                                                                                               
Exceptional items          24,765            -      24,765       2,056          299       2,355
                                                                                               
                          -------      -------      ------     -------       ------      ------
                                                                                               
Total adjusted and         16,012            -      16,012      13,812        (321)      13,491
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)                                                 
                                                                                               
Effect of dilution of the Long Term Incentive                                   456           -
Plan                                                                                           
                                                                                               
                                                                            -------     -------
                                                                                               
                                                                             95,859      95,403
                                                                                               
                                                                        ----------- -----------
                                                                                               
Earnings per share                                                                             
                                                                                               
                                                                               2010        2009
                                                                                               
From continuing and discontinued operations                                                    
                                                                                               
Basic and diluted                                                           (9.17)p      11.67p
                                                                                               
                                                                        ----------- -----------
                                                                                               
Adjusted                                                                     16.78p      14.15p
                                                                                               
                                                                        ----------- -----------
                                                                                               
Diluted adjusted                                                             16.70p      14.15p
                                                                                               
                                                                        ----------- -----------
                                                                                               
From continuing                                                                                
operations                                                                                     
                                                                                               
Basic and diluted                                                           (9.17)p      12.32p
                                                                                               
                                                                        ----------- -----------
                                                                                               
Adjusted                                                                     16.78p      14.49p
                                                                                               
                                                                        ----------- -----------
                                                                                               
Diluted adjusted                                                             16.70p      14.49p
                                                                                               
                                                                        ----------- -----------
                                                                                               
From discontinuing                                                                             
operations                                                                                     
                                                                                               
Basic and diluted                                                                 -     (0.65p)
                                                                                               
                                                                        ----------- -----------
                                                                                               
Adjusted and diluted adjusted                                                     -     (0.34p)
                                                                                               
                                                                        ----------- -----------

6. Dividends

                                             2010        2009
                                                             
                                             £000        £000
                                                             
Equity dividends on ordinary shares                          
                                                             
Declared and paid during the year                            
                                                             
Final for 2009: 2.00p (2008: 2.00p)         1,908       1,908
                                                             
Interim for 2010: 1.00p (2009: 0.00p)         954           -
                                                             
                                           ------      ------
                                                             
Dividends paid                              2,862       1,908
                                                             
                                      ----------- -----------
                                                             
Proposed for approval at Annual                              
General Meeting (not recognised as a                         
liability at 31 December)                                    
                                                             
Final dividend for 2010: 3.00p (2009:       2,862       1,908
2.00p)                                                       
                                                             
                                      ----------- -----------
                                                             

7. Financial liabilities

                                                             2010        2009
                                                                             
                                                             £000        £000
                                                                             
Current                                                                      
                                                                             
Current instalments due on bank loans                       8,254       8,374
                                                                             
Non-current                                                                  
                                                                             
Non-current instalments due on bank loans                  74,490      88,532
                                                                             
                                                      ----------- -----------
                                                                             
                                                           82,744      96,906
                                                                             
                                                      ----------- -----------
                                                                             

The financial liabilities at 31 December 2010 are stated net of £419,000 (2009:
£594,000) of deferred financing costs.

8. Net Debt

                                                             2010        2009
                                                                             
                                                             £000        £000
                                                                             
Bank loans                                               (82,744)    (96,906)
                                                                             
Cash and short term deposits                               11,250       8,434
                                                                             
                                                      ----------- -----------
                                                                             
                                                         (71,494)    (88,472)
                                                                             
                                                      ----------- -----------

 9. Pension schemes
   
The IAS 19 deficit at 31 December 2009 is £6,800,000 compared with a deficit of
£10,999,000 at 31 December 2009. The reduction in the deficit was primarily
driven by the strong return on the equity investments plus the increased
funding by the company.

The assets generated higher than expected return during the year resulting in
an actuarial gain of £5,642,000. 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 which contributed to an
overall actuarial loss on the liabilities of £2,599,000.

The Group funded a discretionary amount of £1,181,000 towards the actuarial
deficit in 2010 (2009: £950,000) by means of a cash transfer and has agreed to
make further payments of £1,181,000 in each year from 2011 to 2014.

10. 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 2010 has not
changed. There have been no significant related party transactions in the year
ended 31 December 2010.

This summary has been approved by our Directors for release to the Press today 
22 March 2011 and the full printed Annual Report and Accounts will be posted to
Shareholders and Stock Exchanges on 18 April 2011. Copies will be available to
the public at the Company's registered office Ormeau Road, Belfast BT7 1EB from
that date.