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UTV Media PLC (UTV)

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Tuesday 30 August, 2011

UTV Media PLC

Half-yearly Report


UTV Media plc

Interim Results

For the 6 months ended 30 June 2011

Financial highlights on continuing operations *

  * Pre-tax profits up by 15% to £10.9m (2010: £9.5m)
   
  * Group operating profit up by 4% to £12.8m (2010: £12.3m)
   
  * £14.2 m (18%) reduction in net debt over 12 months to £63.1m (2010: £77.3m)
   
  * Group revenue maintained at £59.1m (2010: £58.8m) post World Cup
   
  * Net finance costs down 32% to £1.8m (2010: £2.7m)
   
  * Diluted adjusted earnings per share up by 16% to 8.64p (2010: 7.44p)
   
  * Proposed interim dividend of 1.5p (2010: 1.00p)
   
Operational highlights and prospects *

  * Strong market outperformance across both Radio and Television
   
  * Revenues maintained in GB Radio despite the tough comparatives of the 2010
    World Cup
   
  * Irish Radio Revenues down by 4% in difficult market conditions with an
    associated profit decline of £0.2m in the first six months
   
  * Television advertising revenue up by 4% compared to the ITV Network which
    was flat
   
  * Total operating costs largely unchanged from last year with increased GB
    Radio content costs offset by reduced World Cup and overhead costs
   
  * Continued significant debt reduction created by strong cash management,
    with 2.0 times Net Debt:EBITDA anticipated by year end
   
  * Third quarter advertising revenue compared to the same period last year is
    anticipated to increase by 3 %
   
* As appropriate, references to profit include associate income but exclude
exceptional items

John McCann, Group Chief Executive, UTV Media plc, said:

"These are another robust set of results despite the challenging macro-economic
conditions. A 15% uplift in pre-tax profits, an 18% reduction in net debt and a
significant increase in dividend all point to good progress being made in
positioning the company for the upturn."

For further information contact:

Maitland +44 (0) 20 7379 5151

Rowan Brown

UTV Media plc

John McCann Group Chief Executive +44 (0) 28 9026 2202

Norman McKeown Group Finance Director +44 (0) 28 9026 2098

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

Chairman's Statement

Introduction

Strong outperformance in subdued advertising markets is the key feature of
these half year results. Group operating profit was up 4%, even against the
tough comparatives of the World Cup last year. With our continued focus on net
debt helping to drive down interest charges, group profit before tax was 15%
higher.

Results *

Television operating profit more than doubled in the six months, increasing to
£3.1m (2010 : £1.4m). Radio and New Media operating profits both slipped to £
8.8m (2010 : £9.9m) and £0.9m (2010 : £1.0m) respectively. Strong cash
generation led to a significant reduction in net debt to £63.1m (2010 : £77.3m)
at the end of the six months and contributed to a much lower net interest
charge for the period of £1.8m (2010 : £2.7m). Group profit before tax was £
1.4m higher at £10.9m (2010 £9.5m), while diluted adjusted earnings per share
were up by 16% to 8.6p (2010: 7.4p).

* As appropriate, references to profit include associate income but exclude
exceptional items and relate to continuing operations only

Dividend

We recognise that the improving financial performance of your company should be
reflected by an improving distribution to shareholders while maintaining a
prudent stance during these uncertain macro-economic conditions. Therefore,
your Board is declaring an interim dividend of 1.5p (2010: 1.0p), which will be
paid on 14 October 2011 to all shareholders on the Register at the close of
business on 16 September 2011.

Radio

Despite the very positive impact of the World Cup on last year's figures, our
GB Radio division managed to maintain revenue at £25.2m for the six months to
30 June 2011. Operating costs were £0.8m higher at £19.4m (2010: £18.6m) with
World Cup cost savings being more than offset by increased investment in
programming and presenters at talkSPORT. The benefits of this increased
investment, which includes enhanced Premier League coverage and development of
online activities, are already evident in increased audiences, but revenue
improvement will inevitably lag improvement in both broadcast and online
audiences. Radio GB operating profit, therefore, was lower at £5.8m (2010 : £
6.7m).

The Irish advertising marketplace continued to be very challenging but our
strong audience delivery was instrumental in maintaining our outperformance of
the market. Revenue at our Irish radio division in the first six months was
down by 4% to £11.0m (2010 : £11.5m). With further cost savings of £0.3m, our
Irish Radio operating profit was £0.2m lower at £3.0m (2010 : £3.2m).

Television

Our television advertising revenue was up by 4% in the first six months,
comfortably outperforming the ITV network which was flat. This was a
particularly creditable performance, given the comparatives of the World Cup
last year and the drag of a Dublin advertising market which was down by 4%. Our
total television revenue was up by 3% to £17.2m (2010 : £16.6m) but with
television operating costs 7% lower at £14.1m (2010 : £15.2m) as a result of
World Cup and overhead savings, television operating profit climbed by £1.7m to
£3.1m (2010 : £1.4m).

New Media

New Media operating profit in the first six months was lower at £0.9m (2010: £
1.0m) reflecting the challenging economic environment. The Internet business
saw a reduction in customer spend on broadband and telephony products while our
web development and hosting business, Tibus, continued to show steady profit
growth.

Prospects

In the third quarter, total revenue in our GB Radio Division is expected to be
up by 9%. Even in the absence of World Cup activity, talkSPORT revenue in the
three months should be up by 14%, while revenue at our local radio stations
should grow by 2%.

We anticipate that our Irish Radio division will continue to outperform the
market but, in the three months to 30 September, our Irish radio advertising
revenue is still likely to record a reduction of about 5% reflecting the
current macro-economic factors and uncertainties in the Irish market.

Our Television advertising revenue in the third quarter is expected to be down
by about 1% in line with the ITV network.

Trading in our New Media division is expected to be in line with the first six
months.

It is difficult to be optimistic in the midst of such uncertainty surrounding
growth in both domestic and global economies. Nevertheless, your company
continues to make steady progress and operating budgets are being met and often
exceeded. Robust cash flow management has significantly strengthened the
balance sheet and our expectation is that our net debt/EBITDA ratio at the year
end will be around 2 times.

John B McGuckian

Chairman

30 August 2011

Group Income Statement

for the six months ended 30 June 2011

                         Results                            Results                           
                                                                                              
                         before                             before                            
                                                                                              
                         Exceptional Exceptional            Exceptional Exceptional           
                                                                                              
                         Items       Items       Total      Items       Items       Total     
                                                                                              
                         30          30          30         30          30          30        
                                                                                              
                         June        June        June       June        June        June      
                                                                                              
                   Notes 2011        2011        2011       2010        2010        2010      
                                                                                              
                         £000        £000        £000       £000        £000        £000      
                                                                                              
Continuing                                                                                    
operations                                                                                    
                                                                                              
Revenue            3     59,103      -           59,103     58,829      -           58,829    
                                                                                              
Operating costs          (46,429)    -           (46,429)   (46,686)    -           (46,686)  
                                                                                              
                         ----------  ----------  ---------- ----------  ----------  ----------
                                                                                              
Operating profit   3     12,674      -           12,674     12,143      -           12,143    
from continuing                                                                               
operations before                                                                             
tax and finance                                                                               
costs                                                                                         
                                                                                              
Share of results         82          -           82         151         -           151       
of associates                                                                                 
accounted for                                                                                 
using the equity                                                                              
method                                                                                        
                                                                                              
                         ----------  ----------  ---------- ----------  ----------  ----------
                                                                                              
Profit from              12,756      -           12,756     12,294      -           12,294    
continuing                                                                                    
operations before                                                                             
tax and finance                                                                               
costs                                                                                         
                                                                                              
Finance revenue          75          -           75         36          -           36        
                                                                                              
Finance costs            (1,896)     -           (1,896)    (2,708)     -           (2,708)   
                                                                                              
Foreign exchange         (83)        -           (83)       (153)       -           (153)     
loss                                                                                          
                                                                                              
                         ----------  ----------  ---------- ----------  ----------  ----------
                                                                                              
Profit from              10,852      -           10,852     9,469       -           9,469     
continuing                                                                                    
operations before                                                                             
tax                                                                                           
                                                                                              
Taxation                 (2,389)     616         (1,773)    (2,159)     -           (2,159)   
                                                                                              
                         ----------  ----------  ---------- ----------  ----------  ----------
                                                                                              
Profit from              8,463       616         9,079      7,310       -           7,310     
continuing                                                                                    
operations after                                                                              
tax                                                                                           
                                                                                              
Discontinued                                                                                  
operations                                                                                    
                                                                                              
Loss from          4     (213)       -           (213)      (81)        -           (81)      
discontinued                                                                                  
operations                                                                                    
                                                                                              
                         ----------  ----------  ---------- ----------  ----------  ----------
                                                                                              
                         8,250       616         8,866      7,229       -           7,229     
                                                                                              
                         ----------- ----------- ---------- ----------- ----------- ----------
                                                                                              
Attributable to:                                                                              
                                                                                              
Equity holders of        8,083       616         8,699      7,070       -           7,070     
the parent                                                                                    
                                                                                              
Minority interests       167         -           167        159         -           159       
                                                                                              
                         ----------  ----------  ---------- ----------  ----------  ----------
                                                                                              
                         8,250       616         8,866      7,229       -           7,229     
                                                                                              
                         ----------- ----------- ---------- ----------- ----------- ----------

                                Note   2011       2010   
                                                         
Earnings per share                                       
                                                         
Continuing operations                                    
                                                         
Basic                           8      9.34p      7.50p  
                                                         
Diluted                         8      9.28p      7.44p  
                                                         
Adjusted                        8      8.70p      7.50p  
                                                         
Diluted adjusted                8      8.64p      7.44p  
                                                         
Continuing and discontinued                              
operations                                               
                                                         
Basic                           8      9.12p      7.41p  
                                                         
Diluted                         8      9.06p      7.36p  
                                                         
Adjusted                        8      8.47p      7.41p  
                                                         
Diluted adjusted                8      8.42p      7.36p  
                                                         
                                       ---------- -------

Group Statement of Comprehensive Income

for the six months ended 30 June 2011

                                30          30        
                                                      
                                June        June      
                                                      
                                2011        2010      
                                                      
                                £000        £000      
                                                      
Profit for the period           8,866       7,229     
                                                      
                                ----------- ----------
                                                      
Other comprehensive income/                           
(expense)                                             
                                                      
Exchange difference on          4,946       (6,435)   
translation of foreign                                
operations                                            
                                                      
Actuarial gain/(loss) on        521         (3,668)   
defined benefit pension schemes                       
                                                      
Cash flow hedges:                                     
                                                      
- Loss arising during the year  (226)       (996)     
                                                      
- Less transfers to the income  312         1,116     
statement                                             
                                                      
Tax relating to other           (104)       1,007     
comprehensive income                                  
                                                      
                                ----------- ----------
                                                      
Other comprehensive income/     5,449       (8,976)   
(expense) for the period,                             
                                                      
net of tax                                            
                                                      
                                ----------- ----------
                                                      
Total comprehensive income/     14,315      (1,747)   
(expense) for the period, net                         
of tax                                                
                                                      
                                ----------- ----------
                                                      
Attributable to:                                      
                                                      
Equity holders of the parent    14,148      (1,906)   
                                                      
Minority interests              167         159       
                                                      
                                ----------- ----------
                                                      
                                14,315      (1,747)   
                                                      
                                ----------- ----------

Group Balance Sheet

for the six months ended 30 June 2011

                                          30          30        31         
                                                                           
                                          June        June      December   
                                                                           
                                   Notes  2011        2010      2010       
                                                                           
                                          £000        £000      £000       
                                                                           
ASSETS                                                                     
                                                                           
Non-current assets                                                         
                                                                           
Property, plant and equipment      5      11,514      10,574    10,695     
                                                                           
Intangible assets                         228,610     251,634   221,856    
                                                                           
Investments accounted for using           254         246       172        
the equity method                                                          
                                                                           
Deferred tax asset                        6,444       13,094    9,876      
                                                                           
                                          ----------- --------- -----------
                                                                           
                                          246,822     275,548   242,599    
                                                                           
                                          ----------- --------- -----------
                                                                           
Current assets                                                             
                                                                           
Inventories                               644         617       1,741      
                                                                           
Trade and other receivables               25,832      30,534    28,180     
                                                                           
Cash and short term deposits              9,862       10,434    11,250     
                                                                           
                                          ----------- --------- -----------
                                                                           
                                          36,338      41,585    41,171     
                                                                           
                                          ----------- --------- -----------
                                                                           
TOTAL ASSETS                              283,160     317,133   283,770    
                                                                           
                                          ----------- --------- -----------
                                                                           
EQUITY AND LIABILITIES                                                     
                                                                           
Equity attributable to equity                                              
holders of the parent                                                      
                                                                           
Equity share capital                      55,557      55,557    55,557     
                                                                           
Capital redemption reserve                50          50        50         
                                                                           
Treasury Shares                           (1,258)     (1,258)   (1,258)    
                                                                           
Foreign currency reserve                  14,445      5,997     9,499      
                                                                           
Cash flow hedge reserve                   (515)       (716)     (581)      
                                                                           
Retained earnings                         61,019      66,156    54,441     
                                                                           
                                          ----------- --------- -----------
                                                                           
                                          129,298     125,786   117,708    
                                                                           
Minority interest                         642         656       475        
                                                                           
                                          ----------- --------- -----------
                                                                           
TOTAL EQUITY                              129,940     126,442   118,183    
                                                                           
                                          ----------- --------- -----------
                                                                           
Non-current liabilities                                                    
                                                                           
Financial liabilities              9      64,519      79,592    74,490     
                                                                           
Derivative financial liabilities          337         -         370        
                                                                           
Pension liability                  10     4,930       13,505    6,800      
                                                                           
Provisions                                969         992       970        
                                                                           
Deferred tax liabilities                  37,362      48,597    38,416     
                                                                           
                                          ----------- --------- -----------
                                                                           
                                          108,117     142,686   121,046    
                                                                           
                                          ----------- --------- -----------
                                                                           
Current liabilities                                                        
                                                                           
Trade and other payables                  33,771      37,084    32,363     
                                                                           
Financial liabilities              9      8,444       8,109     8,254      
                                                                           
Derivative financial liabilities          366         969       420        
                                                                           
Tax payable                               2,094       1,425     3,076      
                                                                           
Provisions                                428         418       428        
                                                                           
                                          ----------- --------- -----------
                                                                           
                                          45,103      48,005    44,541     
                                                                           
                                          ----------- --------- -----------
                                                                           
TOTAL LIABILITIES                         153,220     190,691   165,587    
                                                                           
                                          ----------- --------- -----------
                                                                           
TOTAL EQUITY AND LIABILITIES              283,160     317,133   283,770    
                                                                           
                                          ----------- --------- ---------  

Group Cash Flow

for the six months ended 30 June 2011

                                           30         30      
                                                              
                                           June       June    
                                                              
                                           2011       2010    
                                                              
                                           £000       £000    
                                                              
Operating activities                                          
                                                              
Profit before tax                          10,639     9,388   
                                                              
Adjustments to reconcile profit before tax                    
to net cash flows from operating                              
activities                                                    
                                                              
Foreign exchange loss                      83         153     
                                                              
Net finance costs                          1,821      2,672   
                                                              
Share of results of associates             (82)       (151)   
                                                              
Depreciation of property, plant and        771        832     
equipment                                                     
                                                              
Difference between pension contributions   (1,349)    (1,164) 
paid and amounts recognised in the income                     
statement                                                     
                                                              
Decrease/(increase) in inventories         1,097      (285)   
                                                              
Decrease/(increase) in trade and other     2,525      (343)   
receivables                                                   
                                                              
(Decrease)/increase in trade and other     (1,742)    1,448   
payables                                                      
                                                              
Decrease in provisions                     (1)        (49)    
                                                              
Profit from sale of property, plant and    (3)        (14)    
equipment                                                     
                                                              
Share based payments                       304        231     
                                                              
                                           ---------- --------
                                                              
Cash generated from operations before      14,063     12,718  
exceptional costs                                             
                                                              
Exceptional costs                          -          (397)   
                                                              
Tax (paid)/received                        (1,118)    18      
                                                              
                                           ---------- --------
                                                              
Net cash inflow from operating activities  12,945     12,339  
                                                              
                                           ---------- --------
                                                              
Investing activities                                          
                                                              
Interest received                          75         30      
                                                              
Proceeds on disposal of property, plant    3          25      
and equipment                                                 
                                                              
Purchase of property, plant and equipment  (1,242)    (359)   
                                                              
Payment to acquire investments             -          (203)   
                                                              
                                           ---------- --------
                                                              
Net cash flows from investing activities   (1,164)    (507)   
                                                              
                                           ---------- --------
                                                              
Financing activities                                          
                                                              
Borrowing costs                            (1,916)    (2,348) 
                                                              
Dividends paid to equity holders of the    (7)        (3)     
parent                                                        
                                                              
Dividends paid to minority shareholders of -          (250)   
subsidiaries                                                  
                                                              
Repayment of borrowings                    (11,308)   (7,022) 
                                                              
Rights issue costs                         -          (2)     
                                                              
                                           ---------- --------
                                                              
Net cash flows used in financing           (13,231)   (9,625) 
activities                                                    
                                                              
                                           ---------- --------
                                                              
Net (decrease)/increase in cash and cash   (1,450)    2,207   
equivalents                                                   
                                                              
Net foreign exchange differences           62         (207)   
                                                              
Cash and cash equivalents at 1 January     11,250     8,434   
                                                              
                                           ---------- --------
                                                              
Cash and cash equivalents at 30 June       9,862      10,434  
                                                              
                                           ---------- --------

Group Statement of Changes in Equity

for the six months ended 30 June 2011

              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)    12,432     (821)      63,409     129,369    747        130,116   
2010                                                                                                          
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                              
Profit for    -        -          -          -          -          7,070      7,070      159        7,229     
the period                                                                                                    
                                                                                                              
Other         -        -          -          (6,435)    105        (2,646)    (8,976)    -          (8,976)   
comprehensive                                                                                                 
                                                                                                              
income/                                                                                                       
(expense) in                                                                                                  
the period                                                                                                    
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  --------   --------- 
                                                                                                              
Total net     -        -          -          (6,435)    105        4,424      (1,906)    159        (1,747)   
comprehensive                                                                                                 
income/                                                                                                       
(expense) in                                                                                                  
the period                                                                                                    
                                                                                                              
Dividends     -        -          -          -          -          -          -          (250)      (250)     
payable to                                                                                                    
minority                                                                                                      
shareholders                                                                                                  
                                                                                                              
Share based   -        -          -          -          -          231        231        -          231       
payment                                                                                                       
                                                                                                              
Dividends     -        -          -          -          -          (1,908)    (1,908)    -          (1,908)   
payable to                                                                                                    
equity                                                                                                        
shareholders                                                                                                  
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                              
At 30 June    55,557   50         (1,258)    5,997      (716)      66,156     125,786    656        126,442   
2010                                                                                                          
                                                                                                              
              -------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
                                                                                                              
Loss for the  -        -          -          -          -          (15,823)   (15,823)   258        (15,565)  
period                                                                                                        
                                                                                                              
Other         -        -          -          3,502      135        4,875      8,512      -          8,512     
comprehensive                                                                                                 
income in the                                                                                                 
period                                                                                                        
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                              
Total net     -        -          -          3,502      135        (10,948)   (7,311)    258        (7,053)   
comprehensive                                                                                                 
income/                                                                                                       
(expense) in                                                                                                  
the period                                                                                                    
                                                                                                              
Share based   -        -          -          -          -          187        187        -          187       
payment                                                                                                       
                                                                                                              
Dividends                                                          (954)      (954)      (439)      (1,393)   
payable to                                                                                                    
equity                                                                                                        
shareholders                                                                                                  
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                              
At 31         55,557   50         (1,258)    9,499      (581)      54,441     117,708    475        118,183   
December 2010                                                                                                 
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                              
Profit for    -        -          -          -          -          8,699      8,699      167        8,866     
the period                                                                                                    
                                                                                                              
Other         -        -          -          4,946      66         437        5,449      -          5,449     
comprehensive                                                                                                 
income in the                                                                                                 
period                                                                                                        
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                              
Total net     -        -          -          4,946      66         9,136      14,148     167        14,315    
comprehensive                                                                                                 
income in the                                                                                                 
period                                                                                                        
                                                                                                              
Share based   -        -          -          -          -          304        304        -          304       
payment                                                                                                       
                                                                                                              
Dividends     -        -          -          -          -          (2,862)    (2,862)    -          (2,862)   
payable to                                                                                                    
equity                                                                                                        
shareholders                                                                                                  
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                                                                                              
At 30 June    55,557   50         (1,258)    14,445     (515)      61,019     129,298    642        129,940   
2011                                                                                                          
                                                                                                              
              -------  ---------- ---------  ---------  ---------  ---------  ---------  ---------  --------- 

Notes to the accounts

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

In addition the interim financial statements have been prepared on a basis
consistent with the accounting policies set out in the Group's Annual Report
and Accounts for the year ended 31 December 2010.

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

The interim results are unaudited but have been formally reviewed by the
auditors and their report to the Company is set out at the end of this Interim
Report. The information shown for the year ended 31 December 2010 does not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006 and has been extracted from the Group's 2010 Annual Report,
which has been filed with the Registrar of Companies. The report of the
auditors on the accounts contained within the Group's 2010 Annual Report was
unqualified and did not contain a statement under either Section 498(2) or
Section 498(3) of the Companies Act 2006 regarding inadequate accounting
records or a failure to obtain necessary information and explanations.

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

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

Revenue

Six months ended 30                                                           
June 2011                                                                     
                                                                              
                     Radio GB    Radio       Television  New Media   Total    
                                 Ireland                                      
                                                                              
                     £000        £000        £000        £000        £000     
                                                                              
Sales to third       25,141      10,976      17,158      5,828       59,103   
parties                                                                       
                                                                              
Intersegmental sales 384         574         1,314       -           2,272    
                                                                              
                     ----------- ----------- ----------- ----------- ---------
                                                                              
Total segment        25,525      11,550      18,472      5,828       61,375   
revenue                                                                       
                                                                              
                     ----------- ----------- ----------- ----------- ---------
                                                                              
Six months ended 30                                                           
June 2010                                                                     
                                                                              
                     Radio GB    Radio       Television  New Media   Total    
                                 Ireland                                      
                                                                              
                     £000        £000        £000        £000        £000     
                                                                              
Sales to third       25,114      11,466      16,637      5,612       58,829   
parties                                                                       
                                                                              
Intersegmental sales 378         663         1,089       -           2,130    
                                                                              
                     ----------- ----------- ----------- ----------- ---------
                                                                              
Total segment        25,492      12,129      17,726      5,612       60,959   
revenue                                                                       
                                                                              
                     ----------- ----------- ----------- ----------- ---------
                                                                              
Results                                                                       
                                                                              
Six months ended 30                                                           
June 2011                                                                     
                                                                              
                     Radio GB    Radio       Television  New Media   Total    
                                 Ireland                                      
                                                                              
                     £000        £000        £000        £000        £000     
                                                                              
Segment operating                                                             
profit                                                                        
                                                                              
before exceptional   5,787       2,960       3,053       874         12,674   
costs                                                                         
                                                                              
Share of results of                                                  82       
associates                                                                    
                                                                              
Net finance costs                                                    (1,821)  
                                                                              
Foreign exchange                                                     (83)     
loss                                                                          
                                                                              
                                                                     ---------
                                                                              
Profit before tax                                                    10,852   
                                                                              
                                                                     ---------
                                                                              
Six months ended 30                                                           
June 2010                                                                     
                                                                              
                     Radio GB    Radio       Television  New Media   Total    
                                 Ireland                                      
                                                                              
                     £000        £000        £000        £000        £000     
                                                                              
Segment operating                                                             
profit                                                                        
                                                                              
before exceptional   6,493       3,190       1,431       1,029       12,143   
costs                                                                         
                                                                              
Share of results of                                                  151      
associates                                                                    
                                                                              
Net finance costs                                                    (2,672)  
                                                                              
Foreign exchange                                                     (153)    
loss                                                                          
                                                                              
                                                                     ---------
                                                                              
Profit before tax                                                    9,469    
                                                                              
                                                                     ---------

 4. Discontinued operations
   
Discontinued operations in 2010 and 2011 relate to UTV Interactive Ltd which
was closed in February 2011.

 5. Property, plant and equipment
   
During the period the Group spent £1,424,000 on capital additions.

 6. Taxation
   
In the budgets in June 2010 and March 2011, changes in future corporation tax
rates in the UK were proposed for the years up to 2014. The exceptional tax
credit of £616,000 (2010: £Nil) arises from the restatement of the deferred tax
balances to reflect the change in the UK corporation tax rate from 27% to 26%
with effect from 1 April 2011, as initially approved in 2010.

On 5 July 2011, the revision of the UK corporation tax rate to 25% from 1 April
2012 was approved. As a result, it is expected that the deferred tax will be
calculated at 25% at 31 December 2011 and that a further exceptional deferred
tax credit of £616,000 will be recognised in the second half of the year.

The further proposed changes in the UK corporation tax rate have not yet been
substantively enacted. If the proposed corporation tax rate changes were to be
fully approved and the tax rate reduced to 23% by 2014, the relevant deferred
tax assets and liabilities would be restated accordingly resulting in a net
exceptional credit of approximately £1,500,000 in future years.

 7. Dividends
   
                          30             30            
                                                       
                          June           June          
                                                       
                          2011           2010          
                                                       
                          £000           £000          
                                                       
Equity dividends on                                    
ordinary shares                                        
                                                       
Declared at the AGM                                    
during the period                                      
                                                       
Final for 2010: 3.00p     2,862          1,908         
(2009: 2.00p)                                          
                                                       
                          ==========     =========     
                                                       
Proposed but not                                       
recognised as a liability                              
at 30 June                                             
                                                       
Interim for 2011: 1.5p    1,428          954           
(2010: 1.00p)                                          
                                                       
                          ==========     =========     

The final dividend for 2010 was paid on 15 July 2011 (2009: 15 July 2010).

 8. Earnings per share
   
Basic earnings per share is calculated based on the profit for the financial
period attributable to equity holders of the parent and on the weighted average
number of shares in issue during the period.

Adjusted earnings per share are calculated based on the profit for the
financial period attributable to equity holders of the parent adjusted for the
exceptional items. This calculation uses the weighted average number of shares
in issue during the period.

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

The following reflects the income and share data used in the basic, adjusted,
diluted and diluted adjusted earnings per share calculations:

Net profit attributable to equity holders                                             
                                                                                      
             2011                                 2010                                
                                                                                      
             ----------  ----------   ----------  ----------  ----------   ---------- 
                                                                                      
             Continuing  Discontinued             Continuing  Discontinued            
                                                                                      
             Operations  Operations   Total       Operations  Operations   Total      
                                                                                      
             £000        £000         £000        £000        £000         £000       
                                                                                      
Net profit   8,912       (213)        8,699       7,151       (81)         7,070      
attributable                                                                          
to equity                                                                             
holders                                                                               
                                                                                      
Exceptional  (616)       -            (616)       -           -            -          
items (net                                                                            
of tax)                                                                               
                                                                                      
             -------     -------      ------      -------     ------       ------     
                                                                                      
Total        8,296       (213)        8,083       7,151       (81)         7,070      
adjusted and                                                                          
diluted                                                                               
profit                                                                                
attributable                                                                          
to equity                                                                             
holders                                                                               
                                                                                      
             ----------- -----------  ----------- ----------- -----------  -----------

Weighted average number of shares                                          
                                                                           
                                                  2011        2010         
                                                                           
                                                  thousands   thousands    
                                                                           
Weighted average number of shares for basic and   95,403      95,403       
adjusted earnings per share (excluding treasury                            
shares)                                                                    
                                                                           
Dilutive potential of the Long Term Incentive     609         672          
Schemes                                                                    
                                                                           
                                                  -----       -----------  
                                                                           
Adjusted weighted average number of ordinary      96,012      96,075       
shares for diluted earnings per share                                      
                                                                           
                                                  ----------- -----------  

Earnings per share                                          
                                                            
From continuing and discontinued                            
operations                                                  
                                                            
                                        2011        2010    
                                                            
Basic                                   9.12p       7.41p   
                                                            
                                        ----------- --------
                                                            
Diluted                                 9.06p       7.36p   
                                                            
                                        ----------- --------
                                                            
Adjusted                                8.47p       7.41p   
                                                            
                                        ----------- --------
                                                            
Diluted adjusted                        8.42p       7.36p   
                                                            
                                        ----------- --------
                                                            
From continuing operations                                  
                                                            
                                        2011        2010    
                                                            
Basic                                   9.34p       7.50p   
                                                            
                                        ----------- ------- 
                                                            
Diluted                                 9.28p       7.44p   
                                                            
                                        ----------- --------
                                                            
Adjusted                                8.70p       7.50p   
                                                            
                                        ----------- --------
                                                            
Diluted adjusted                        8.64p       7.44p   
                                                            
                                        ----------- --------
                                                            
From discontinued operations                                
                                                            
                                        2011        2010    
                                                            
Basic and diluted                       (0.22)p     (0.08)p 
                                                            
                                        ----------- ------- 
                                                            
Adjusted and diluted adjusted           (0.22)p     (0.08)p 
                                                            
                                        ----------- --------

 8. Financial liabilities
   
                             30          30          31         
                                                                
                             June        June        December   
                                                                
                             2011        2010        2010       
                                                                
                             £000        £000        £000       
                                                                
Current                                                         
                                                                
Current instalments due on   8,444       8,109       8,254      
bank loans                                                      
                                                                
Non-current                                                     
                                                                
Non-current instalments due  64,519      79,592      74,490     
on bank loans                                                   
                                                                
                             ----------- ----------- -----------
                                                                
Total                        72,963      87,701      82,744     
                                                                
                             ----------- ----------- -----------

The bank loans at 30 June 2011 are stated net of deferred financing costs
amounting to £342,000
(30 June 2010: £496,000; 31 December 2010: £419,000).

 9. Pension schemes
   
The IAS 19 deficit at 30 June 2011 is £4,930,000 (30 June 2010: £13,505,000)
compared with a deficit of £6,800,000 at 31 December 2010. The decrease is the
result of actuarial gains both on the assets and liabilities during the period
and employer contributions including £1,181,000 in addition to normal funding
during the period.

11. Related party transactions

The nature of related parties disclosed in the consolidated financial
statements for the Group as at and for the year ended 31 December 2010 has not
changed. There have been no significant related party transactions in the six
month period ended 30 June 2011.

Risks and uncertainties

The 2010 Annual Report sets out the most significant risk factors relating to
UTV Media plc's operations in the Company's judgement at the time of that
report. The Company does not consider that these principal risks and
uncertainties have changed. However additional risks and uncertainties not
currently known to the Company, or that the Company does not currently deem
material may also have an adverse effect on its business.

With respect to the risks and uncertainties identified within the Annual
Report, the Chairman's statement highlights those risks and uncertainties that
will have significant impact throughout 2011.

Statement of directors' responsibilities

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

  * the condensed set of financial statements has been prepared in accordance
    with IAS 34 "Interim Financial Reporting" as adopted by the European Union;
   
  * the interim report includes a fair review of the information required by
    the Disclosure and Transparency Rules:
   
- DTR 4.2.7R, being an indication of important events that have occurred during
the first six months of the financial year and their impact on the condensed
set of financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the year; and

- DTR 4.2.8R, being related party transactions that have taken place in the
first six months of the current financial year and that have materially
affected the financial position or performance of the entity during that
period, and any changes in the related party transactions described in the last
annual report that could do so.

By order of the Board:

John McCann

Group Chief Executive

30 August 2011

Independent review report to UTV Media plc

Introduction

We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the 6 months ended 30 June
2011 which comprises the Group Income Statement, Group Statement of
Comprehensive Income, Group Balance Sheet, Group Statement of Changes in
Equity, Group Cash Flow Statement and the related notes 1 to 11. We have read
the other information contained in the half yearly financial report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.

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

Directors' Responsibilities

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

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

Our Responsibility

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

Scope of Review

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

Conclusion

Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the 6 months ended 30 June 2011 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.

Ernst & Young LLP

Belfast

30 August 2011