Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Ulster T.V. PLC (UTV)

  Print      Mail a friend       Annual reports

Monday 13 March, 2006

Ulster T.V. PLC

Preliminary Announcement

Ulster Television plc

('UTV' or 'the Company' or 'the Group')

Preliminary Results

for the year ended 31 December 2005


UTV, the multi media group which broadcasts television, radio and provides
internet and telephony services, announces its preliminary results for the year
to 31 December 2005.

Financial highlights:

  * Group turnover up 46% at £92.7m (2004: £63.6m) reflecting the acquisition
    of the Wireless Group plc
  * Group pre-tax profit before exceptional items up 19% at £20.8m (2004: £
  * Exceptional costs of £1.2m (2004: Nil) reflect restructuring costs within
    the Group
  * Television operating profit maintained at £15.4m (2004: £15.4m)
  * Radio operating profit in Ireland up 56% to £3.8m (2004: £2.5m) after
    charging pre operational expenses of £0.5m and operational losses of £0.2m
    in respect of the new Belfast licence
  * Radio operating profit in Great Britain up to £4.8m (2004: £0.2m loss)
    after charging pre-operational expenses of £0.1m in respect of the new
    Edinburgh licence
  * New Media operating profit maintained at £0.8m (2004: £0.8m)
  * Diluted Earnings per share increased by 18% to 27.14p (2004: 23.01p)
  * A 10.7% increase in final dividend to 7.75p (2004: 7.00p) making a total
    for the year of 12.50p (2004: 11.50p) an increase of 8.7%.
Operational highlights:

  * Television advertising revenue reduced by 3.8% slightly underperforming the
    ITV Network
  * Radio advertising in Ireland grew by 17% on a like for like basis
  * Radio advertising in Great Britain grew by 5% on a like for like basis
  * Internet revenue grew by 54%
  * On 6 June 2005 we purchased the Wireless Group plc for £96.9m (including
  * On 21 February 2005 we purchased the local independent radio station
    covering the Dundalk and Drogheda areas, LMFM, in the Republic of Ireland
    for £7.5m (including costs)
  * On 8 September 2005 we purchased the remaining two thirds of Juice FM in
    Liverpool for £2.1m
  * On 30 September 2005 we acquired a 50% holding in First Radio Sales for £
  * Successful launch of U105 in Belfast on 14 November 2005
John McCann, Group Chief Executive, UTV, said:

'It has been another strong year for the Group with solid performance across
the business. The most significant event of the year was the acquisition of the
former Wireless Group plc in June. Its integration into UTV Radio (GB) is
progressing well and it is enjoying buoyant advertising sales.

'Although the UK radio market overall is experiencing adverse trading
conditions, our stations are bucking the trend. Operating profit in Ireland is
up 56% to £3.8m and profit in Great Britain is £4.8m, reflecting the Wireless
acquisition. We are forecasting growth of 9% for the first quarter in 2006 in
Great Britain. This compares to an overall decline in the market of 11%. We are
expecting a similarly strong performance in our advertising revenues in
Ireland, with an increase of 9% in the first quarter. In addition to acquiring
Wireless, we also launched U105 Belfast during the year and since year end have
launched Talk 107 in Edinburgh. Radio is an exceptionally important area for
the Group and we are keen to continue growing the business, building on our
recent successes.

'Our television operating profit has been flat for the year at £15.4m, despite
a drop in revenue of 3.8%. First quarter revenues are expected to be down 8%
year on year reflecting a combination of a relatively weak market, declining
advertising revenue at ITV1 and Easter being in the second quarter. However, we
are forecasting a stronger second quarter in television, due to both the World
Cup and Easter occurring during the period.

'Although I believe the advertising market will continue to be difficult over
the coming months, I remain confident of UTV's ability to perform well in a
tough market. Our recent acquisitions are performing strongly and we are well
placed to benefit from the healthy Irish economy and the World Cup this

Key dates:

  * 24 March 2006: record date for payment of dividends
  * 26 May 2006: date of Annual General Meeting
  * 12 June 2006: payment of dividends
Chairman's Statement

                                                ----------           ----------


2005 was a landmark year for your company with the transformational development
of the radio division being the key milestone. The acquisition of the former
Wireless Group plc was the largest transaction that your company has ever
completed, catapulting it to being one of the larger radio groups in the UK.
Our leading position in Irish radio was further strengthened through the
acquisition of LMFM covering Dundalk and Drogheda and the winning of the new
licence for the greater Belfast area. These developments significantly broaden
our revenue base, both across media and geographically, and provide solid
foundations for future growth.

Results and Dividend

Operating profit before exceptional items was up by 35% to £24.8m (2004: £
18.4m), driven by an increase in radio division operating profit to £8.6m
(2004: £2.2m). Operating profit in television and new media were maintained at
£15.4m (2004: £ 15.4m) and £0.8m (2004: £0.8m) respectively. With a net
interest charge of £4.5m (2004: £0.9m), income from associates of £0.1m (2004:
£0.0m) and foreign exchange gains of £0.4m (2004: £0.0m) group profit before
exceptional items and taxation was up by 19% to £20.8m (2004: £17.5m). After
exceptional items of £1.2m (2004: £0.0m) and taxation of £5.1m (2004: £4.9m),
profits attributable to shareholders were £14.4m (2004: £12.6m). Fully diluted
earnings per share before exceptional items and foreign exchange gains were up
by 18% at 27.14p (2004: 23.01p).

Your Board recommends a final dividend of 7.75p (2004: 7.00p) which represents
a 10.7% increase over last year making a total for the year of 12.50p (2004 :
11.5p), an increase of 8.7%. The final dividend will be paid on 12 June 2006 to
all shareholders on the Register at the close of business on 24 March 2006. The
Annual General Meeting will be held on 26 May 2006.


The difficult trading conditions of the television advertising marketplace in
the first half continued into the second six months of 2005. Television
advertising revenue for the year as a whole was down by 3.8%, slightly
underperforming the ITV network. Despite this, television operating profit was
maintained at £15.4m (2004: £15.4m) as the reduction in our licence fee from £
1.9m to £1.1m and other cost savings of £0.9m helped to offset the fall in
revenue. Our new licence terms apply to the period 1 January 2005 to 31
December 2014 and encompass an unchanged variable payment of 5% of our
qualifying revenue and a reduction in the flat fee element from £0.61m in 2004
to £0.12m in 2005. The variable elements of the licence fee applies only to
revenue derived from analogue transmission and, therefore, as the number of
digital homes grew in 2005, this part of our licence fee also reduced, giving
an overall reduction in the fee of £0.8m.


The acquisition of LMFM in Dundalk/Drogheda, Juice FM in Liverpool and, in
particular, the Wireless Group, almost quadrupled turnover in our radio
division to £38.9m (2004 : £10.9m). On a like-for-like basis, revenue grew by
17% and 5% in our radio divisions in Ireland and GB respectively. Radio
operating profits also grew substantially in Ireland and GB rising to a
combined total of £8.6m (2004: £2.2m) after deduction of pre-operational
expenditure of £0.6m (2004: £0.0m) in respect of our new licences. Our new
station for Belfast and the surrounding area launched on 14 November 2005
broadcasting a mix of music and speech to some 800,000 adults, while our new
station for the greater Edinburgh area, broadcasting to approximately 1 million
adults, launched on 14 February 2006. The latter station is the first UK local
station outside of London to provide a purely speech-based service.

New Media

Turnover in our new media division grew by 54% to £8.1m (2004: £5.3m). This
increase was predominately driven by broadband and telephony services and our
ability to offer customers the convenience of a single bill for both services.
Broadband customer numbers grew by 85% in the year, while telephony customer
numbers increased by 120%. Despite increasing customer acquisition and
wholesale costs, operating profits were maintained at £0.8m (2004: £0.8m).


Total UK television advertising revenue is forecast to be up by about 2% to 3%
in 2006. However, ITV1's fall in its share of commercial impacts in 2005 will
put pressure on ITV1 network revenue in 2006 under the Contract Rights Renewal
(CRR) formula agreed by Granada and Carlton as part of their merger
undertakings. Despite the stimulus of the soccer World Cup, the expectation is
that ITV1's advertising revenue could be down by 5% to 7% in 2006. However,
some 50% of our television advertising revenue derives from the marketplaces in
Ireland and is not subject to the CRR mechanism. With continuing high local
viewership the demand for advertising from within Ireland is strong and is
expected to help mitigate weakness in the GB marketplace in the year.

The comparative for the first quarter of 2006 includes Easter and consequently
our expectation is that television advertising revenue for the first 3 months
will be down by about 8%, albeit our share of network revenue will increase.
The second quarter, which will include both Easter and the football World Cup,
is expected to be much stronger with April forecast to be up by 4%.

In Ireland, the radio stations which we own, or sell airtime on behalf of, now
broadcast to all the key urban areas on the island, accounting for more than
two-thirds of the population.

Our listenership strength in each of these local areas coupled with our ability
to offer a quasi-national urban proposition to our advertisers continues to
fuel demand for our airtime in Ireland which is expected to be up by about 9%
on a like-for-like basis in the first three months of 2006, with April forecast
to be up by 12%.

The UK radio market is currently experiencing adverse trading conditions and,
as a whole, is expected to decline by about 11% in the first three months of
2006. However, our radio operations here, both at local and national level, are
bucking the market trend and are forecast to be up by about 9% in the three
months to 31 March 2006 with April forecast to be up by 20%.

talkSPORT, our national UK radio licence, is performing particularly well. In
the first quarter of 2006, advertising and sponsorship revenue is expected to
be up by 20% and with the soccer World Cup beginning in June, strong demand is
anticipated in the second quarter.

In our local radio stations in GB, we are investing in staff development and
audience research as part of our plan to improve listenership and advertising
performance. While this investment is not a short-term fix, progress is
encouraging and, on a like-for-like basis, advertising revenue in those
stations is expected to be up by 2% in the first quarter of 2006. Our new radio
stations in Belfast and Edinburgh have launched successfully and are forecast
to break even in their third year of operation. In 2006, budgeted losses at
these two stations are expected to total £1.8m.

Strong growth in broadband and telephony customers is continuing and in the
first quarter, turnover is expected to be up by 20%. As anticipated, UTV Talk
will begin to contribute to the overall profitability of the new media division
and, as a result, an increase in profitability is expected in 2006.


It is to the great credit of all within the Company that the significant
developments to which I have referred above were successfully undertaken
without impacting upon ongoing operational activities. On your behalf, I thank
the Board, management and staff for their continuing efforts on behalf of your

I would like to pay tribute to Alan Bremner, our Director of Television, who
will retire from the Company on 31 March 2006 after eighteen years of dedicated
service. His colleagues and I wish him every happiness in his retirement.

Group Income Statement

For the year ended 31 December 2005

                                                          2005            2004
                                         Notes            £000            £000
Continuing Operations                                                         
Revenue                                      2          92,741          63,632
Operating costs                                       (67,934)        (45,205)
                                                   -----------     -----------
Operating Profit from continuing             2          24,807          18,427
operations before tax and finance                                             
Exceptional costs                            3         (1,235)               -
Share of results of associates                             109               -
accounted for using the equity                                                
                                                   -----------     -----------
Profit from continuing operations                       23,681          18,427
before tax and finance costs                                                  
Finance revenue                                            438             147
Finance costs                                          (4,941)         (1,047)
Foreign exchange gain                                      413               -
                                                   -----------     -----------
Profit before tax                                       19,591          17,527
Taxation                                     4         (5,101)         (4,937)
                                                   -----------     -----------
Profit for the year                          2          14,490          12,590
                                                   -----------     -----------
Attributable to:                                                              
Equity holders of the parent                            14,356          12,590
Minority interests                                         134               -
                                                   -----------     -----------
                                                        14,490          12,590
                                                   -----------     -----------

Earnings per share

Diluted                                      5          26.09p          23.01p
Basic                                        5          26.38p          23.36p
Adjusted                                     5          27.44p          23.36p
Diluted adjusted                             5          27.14p          23.01p
                                                   -----------     -----------

Group Statement of Recognised Income and Expense

For the year ended 31 December 2005

                                                          2005            2004
                                         Notes            £000            £000
Income and expenses recognised                                                
directly in equity                                                            
Exchange difference on translation                     (1,418)              16
of foreign operations                                                         
Exchange difference on loans hedging                     1,287             223
net investment in foreign                                                     
Net actuarial gain on defined                              943             831
benefit pension schemes                                                       
Losses on cash flow hedges taken to                      (119)               -
Revaluation of share of assets                           1,248               -
previously acquired in AR(UK)                                                 
Tax on items taken directly to or                        (283)           (249)
transferred from equity                                                       
                                                   -----------     -----------
Net income recognised directly in                        1,658             821
Profit for the year                          2          14,490          12,590
                                                   -----------     -----------
Total recognised income and expense                     16,148          13,411
for the year                                                                  
                                                   -----------     -----------
Attributable to:                                                              
Equity holders of the parent                            16,014          13,411
Minority interests                                         134               -
                                                   -----------     -----------
Total recognised income and expense          8          16,148          13,411
                                                   -----------     -----------

Group Balance Sheet

At 31 December 2005

                                                          2005            2004
                                         Notes            £000            £000
Non-current assets                                                            
Property, plant and equipment                           10,938           8,908
Intangible assets                                      205,165          48,827
Investments accounted for using the                        268               -
equity method                                                                 
Other investments                                           32               -
Deferred tax asset                                       8,725           2,171
                                                   -----------     -----------
                                                       225,128          59,906
                                                   -----------     -----------
Current assets                                                                
Inventories                                                832             825
Trade and other receivables                             29,367          15,208
Cash and short term deposits                 7           6,470           7,707
                                                   -----------     -----------
                                                        36,669          23,740
                                                   -----------     -----------
TOTAL ASSETS                                           261,797          83,646
                                                   -----------     -----------
EQUITY AND LIABILITIES                                                        
Equity attributable to equity                                                 
holders of the parent                                                         
Equity share capital                                     7,824           6,584
Foreign currency reserve                                   108             239
Cash flow hedge reserve                                  (119)               -
Retained earnings                                       40,325          29,767
                                                   -----------     -----------
                                                        48,138          36,590
Minority Interest                                          127             (7)
                                                   -----------     -----------
TOTAL EQUITY                                 8          48,265          36,583
                                                   -----------     -----------
Non-current liabilities                                                       
Financial liabilities                        7         119,935          17,772
Pension liability                                        6,320           7,235
Provisions                                               1,071              13
Deferred tax liabilities                                44,646             177
                                                   -----------     -----------
                                                       171,972          25,197
                                                   -----------     -----------
Current liabilities                                                           
Trade and other payables                                26,968          10,675
Financial liabilities                        7          12,736           8,705
Tax payable                                              1,811           2,459
Provisions                                                  45              27
                                                   -----------     -----------
Net current liabilities                                 41,560          21,866
                                                   -----------     -----------
TOTAL LIABILITIES                                      213,532          47,063
                                                   -----------     -----------
TOTAL EQUITY AND LIABILITIES                           261,797          83,646
                                                   -----------     -----------

Group Cash Flow Statement

For the year ended 31 December 2005

                                                          2005            2004
                                          Note            £000            £000
Operating activities                                                          
Group operating profit from continuing       2          24,807          18,427
operations before tax and finance costs                                       
Adjustments to reconcile group                                                
operating profit to net cash flows from                                       
operating activities                                                          
Depreciation of property, plant and                      1,746           1,589
Difference between pension                               (300)              37
contributions paid and amounts                                                
recognised in the Income Statement                                            
Increase in inventories                                      7              75
Increase in trade and other receivables                  (349)         (2,110)
Increase in trade and other payables                     1,705           3,224
Movement in provisions                                    (27)            (27)
Profits from sale of property, plant                      (16)             (8)
and equipment                                                                 
                                                   -----------     -----------
Cash generated from operations before                   22,201          21,207
exceptional costs                                                             
Exceptional costs                                      (1,105)               -
Tax paid                                               (4,338)         (4,703)
                                                   -----------     -----------
Net cash inflow from operating                          22,130          16,504
                                                   -----------     -----------
Investing activities                                                          
Interest received                                          431             145
Proceeds on disposal of property, plant                     56              60
and equipment                                                                 
Purchase of property, plant and                        (1,868)         (1,301)
Acquisition of subsidiaries, net of                  (103,811)               -
cash acquired                                                                 
Acquiree transaction costs settled                     (5,566)               -
Acquisition of joint ventures, net of                    (366)               -
cash acquired                                                                 
                                                   -----------     -----------
Net cash flows from investing                        (111,124)         (1,096)
                                                   -----------     -----------
Financing activities                                                          
Borrowing costs                                        (6,557)         (1,072)
Proceeds from exercise of share options                    236               -
Dividends paid to equity shareholders                  (6,395)         (5,596)
Repayment of borrowings                               (35,912)         (6,018)
Proceeds from borrowings                               136,278               -
                                                   -----------     -----------
Net cash flows used in financing                        87,650        (12,686)
                                                   -----------     -----------
Net increase in cash and cash                          (1,344)           2,722
Net foreign exchange differences                          (87)               3
Cash and cash equivalents at 1 January                   7,707           4,982
                                                   -----------     -----------
Cash and cash equivalents at 31                          6,276           7,707
                                                   -----------     -----------

Notes to the Group Financial Statements

For the year ended 31 December 2005

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

As required by EU law the Group's accounts have been prepared in accordance
with International Financial Reporting Standards adopted by the International
Accounting Standards Board (IASB) and interpretations issued by the
International Financial Reporting Interpretations Committee of IASB as adopted
by the EU ('IFRS'). These are the Group's first consolidated financial
statements to be prepared under the IFRS and IFRS 1 'First-time Adoption of
International Financial Reporting Standards' has been applied.

The accounts are principally prepared on the historical cost basis except where
other bases are applied under the Group's accounting policies.

The comparative information presented in these accounts has been restated and
represented under IFRS. In respect of financial instruments, the Group's
policy, as permitted under IFRS 1, has been to adopt IAS 32 (Financial
Instruments: Recognition and Measurement) from 1 January 2005. Comparatives
have therefore not been restated to reflect the requirements of IAS 32 and IAS
29 and continue to be prepared in accordance with UK GAAP.

The financial information set out herein does not constitute the Company's
statutory report and accounts for the year ended 31 December 2005.

 2. Revenue and segmental analysis
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 television and radio 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 to third parties.

The Group's primary reporting format is business segment and its secondary
format is geographical segments. The operating businesses are organised and
managed separately according to the nature of the services provided, with each
segment representing a strategic business unit that offers different services
and serves different markets.

Business Segments

The Group operates in four principal areas of activity - commercial television,
radio in GB, radio in Ireland and new media - all of which are continuing
operations. The following tables present revenue and profit information
regarding the Group's business segments for the years ended 31 December 2005
and 2004.


Year ended 31 December 2005

                     Television    Radio GB       Radio   New Media       Total
                           £000        £000        £000        £000        £000
Sales to third           45,752      25,112      13,738       8,139      92,741
Intersegmental              608         745         482          60       1,895
                    ----------- ----------- ----------- ----------- -----------
Total segmental          46,360      25,857      14,220       8,199      94,636
                    ----------- ----------- ----------- ----------- -----------

Year ended 31 December 2004

                     Television    Radio GB       Radio   New Media       Total
                           £000        £000        £000        £000        £000
Sales to third           47,464         478      10,404       5,286      63,632
Intersegmental              421           -          61          62         544
                    ----------- ----------- ----------- ----------- -----------
Total segmental          47,885         478      10,465       5,348      64,176
                    ----------- ----------- ----------- ----------- -----------


Year ended 31 December 2005

                    Television    Radio GB       Radio   New Media       Total
                          £000        £000        £000        £000        £000
Group operating         15,359       4,799       3,845         804      24,807
profit for the                                                                
Exceptional costs,       (266)       (750)           -           -     (1,016)
allocable to a                                                                
business segment                                                              
                   ----------- ----------- ----------- ----------- -----------
                        15,093       4,049       3,845         804      23,791
Share of results             -         109           -           -         109
of associates                                                                 
                   ----------- ----------- ----------- ----------- -----------
                        15,093       4,158       3,845         804      23,900
                   ----------- ----------- ----------- -----------            
Other exceptional                                                        (219)
Net finance costs                                                      (4,503)
Foreign exchange                                                           413
Profit before                                                           19,591
Income tax expense                                                     (5,101)
Profit for the                                                          14,490

Year ended 31 December 2004

                    Television    Radio GB       Radio   New Media       Total
                          £000        £000        £000        £000        £000
Group operating         15,357       (210)       2,457         823      18,427
profit for the                                                                
                   ----------- ----------- ----------- -----------            
Net finance costs                                                        (900)
Profit before                                                           17,527
Income tax expense                                                     (4,937)
Profit for the                                                          12,590

3. Exceptional items

                                                       2005         2004
                                                       £000         £000
Fundamental restructuring costs                       1,235            -
                                                -----------  -----------

Following the acquisition of The Wireless Group plc on 6 June 2005, the staff
structure within the UTV Group was reviewed and the fundamental rationalisation
resulted in redundancy costs and other related costs.

4. Tax on profit on ordinary activities

                                                           2005            2004
                                                           £000            £000
Current income tax:                                                            
UK corporation tax on profits for the period              3,126           4,673
Adjustments in respect to previous years                   (75)            (38)
                                                    -----------     -----------
                                                          3,051           4,635
Foreign tax:                                                                   
ROI corporation tax on profits for the period               580             342
Adjustments in respect to previous years                      -             (1)
Share of joint ventures' current tax                         59               -
                                                    -----------     -----------
Total current tax                                         3,690           4,976
Deferred tax:                                                                  
Origination and reversal of timing differences            1,418            (39)
Adjustments in respect of previous periods                  (7)               -
                                                    -----------     -----------
Tax charge in the income statement                        5,101           4,937
                                                    -----------     -----------

5. Earnings per ordinary share

Basic earnings per share is 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 is calculated based on the profit for the financial
year attributable to equity holders of the parent adjusted for the exceptional
items and foreign exchange recorded in the year. This calculation uses the
weighted average number of shares in issue during the period.

Diluted earnings per share is calculated based on profit for the financial year
attributable to equity holders of the parent after adjusting for the net
interest payable on the Convertible Loan Notes. The weighted average number of
shares is adjusted to reflect the dilutive potential of the Convertible Loan
Notes and the Share Option Schemes.

Diluted adjusted earnings per share is calculated based on profit for the
financial year attributable to equity holders of the parent before exceptional
items and foreign exchange, and after adjusting for the net interest payable on
the Convertible Loan Notes. The weighted average number of shares is adjusted
to reflect the dilutive potential of the Convertible Loan Notes and the Share
Option Schemes.

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

Net Profit

                                                          2005             2004
                                                          £000             £000
Net profit attributable to equity holders               14,356           12,590
Net interest on convertible loan notes                       -               24
                                                       -------          -------
Net profit attributable to ordinary                     14,356           12,614
shareholders for diluted earnings per share                                    
Exceptional costs                                        1,235                -
Foreign exchange gains                                   (413)                -
Taxation relating to above items                         (247)                -
                                                       -------          -------
Net profit attributable to ordinary                     14,931           12,614
shareholders for adjusted diluted earnings per                                 
Net interest on convertible loan notes                       -             (24)
                                                       -------          -------
Net profit attributable to ordinary                     14,931           12,590
shareholders for adjusted earnings per share                                   
                                                   -----------      -----------

Weighted average number of shares

                                                          2005             2004
                                                     Thousands        Thousands
Weighted average number of shares for basic and         54,421           53,904
adjusted earnings per share                                                    
Effect of dilution:                                                            
- Share options                                            597              609
- Convertible Loan Notes                                     -              314
                                                   -----------      -----------
Adjusted weighted average number of ordinary            55,018           54,827
shares for diluted earnings per share                                          
                                                   -----------      -----------

Earnings per share

Diluted                                                 26.09p           23.01p
                                                   -----------      -----------
Basic                                                   26.38p           23.36p
                                                   -----------      -----------
Adjusted                                                27.44p           23.36p
                                                   -----------      -----------
Diluted adjusted                                        27.14p           23.01p
                                                   -----------      -----------

6. Dividends

                                                          2005             2004
                                                          £000             £000
Equity dividends on ordinary shares                                            
Declared and paid during the year                                              
Final for 2004: 7.00p (2003: 5.90p)                      3,803            3,156
Interim for 2005: 4.75p (2004: 4.50p)                    2,592            2,440
                                                        ------           ------
Dividends paid                                           6,395            5,596
                                                   -----------      -----------
Proposed for approval at Annual General Meeting                                
(not recognised as a liability at 31 December)                                 
Final dividend for 2005: 7.75p (2004: 7.00p)             4,227                 

7. Net Debt

                                                          2005             2004
                                                          £000             £000
Cash and cash equivalents                                6,470            7,707
Bank overdrafts                                          (194)                -
Current instalments due on bank loans                 (12,410)          (8,705)
Current obligations under finance leases and              (14)                -
hire purchase contracts                                                        
                                                   -----------      -----------
                                                       (6,148)            (998)
                                                   -----------      -----------
Non-current instalments due on bank loans            (119,841)         (17,772)
Non-current obligations under finance leases              (94)                -
and hire purchase contracts                                                    
                                                   -----------      -----------
                                                     (119,935)         (17,772)
                                                   -----------      -----------
Net Debt                                             (126,083)         (18,770)
                                                   -----------      -----------

The borrowings at 31 December 2005 are stated net of £1,574,000 (2004: Nil) of
deferred financing costs.

Current financial liabilities stated in the balance sheet also include a
balance of £118,000 relating to interest rate swaps (2004: Nil).

8. Reconciliations of movements in equity

                            Attributable to equity holders    Minority        
                                    of the parent             Interest   Total
                          Equity  Foreign Cash flow                           
                           share currency   hedge    Retained                 
                         capital  reserve   reserve  earnings                 
                            £000     £000     £'000      £000     £000    £000
Balance at 31 December     4,900        -         -    22,191      (7)  27,084
Conversion of Loan Notes   1,684        -         -         -        -   1,684
Total recognised income        -      239         -    13,172        -  13,411
and expense in the year                                                       
Dividends                      -        -         -   (5,596)        - (5,596)
                           -----    -----   -------    ------   ------  ------
Balance at 31 December     6,584      239         -    29,767      (7)  36,583
Exercise of share            236        -         -         -        -     236
Shares issued on           1,004        -         -         -        -   1,004
acquisition of                                                                
Total recognised income        -    (131)     (119)    16,264      134  16,148
and expense in the year                                                       
Dividends                      -        -         -   (6,395)        - (6,395)
Reserves on the wind up        -        -         -       689        -     689
of the Wireless Group                                                         
Employee Benefits Trust                                                       
                          ------   ------     -----    ------    -----  ------
Balance at 31 December     7,824      108     (119)    40,325      127  48,265
                          ------   ------     -----    ------    -----   -----

This summary has been approved by our Directors for release to the Press today 
13 March 2006 and the full printed Annual Report and Accounts will be posted to
Shareholders and Stock Exchanges on 26 April 2006. Copies will be available to
the public at the Company's registered office Ormeau Road, Belfast BT7 1EB from
that date.



a d v e r t i s e m e n t