UTV 'cautious' despite growth
MEDIA company UTV said yesterday that it has posted like-for-like growth of 8pc in the first 10 months of the year, but warned it remained "cautious" on the future.
The group, which runs the UTV TV station as part of the ITV group and controls numerous radio stations including FM104 and Q102, said revenue from its Irish radio businesses fell 2pc, excluding sterling translation exchange losses.
Before the exchange adjustment, the decline was 5pc and that rate is expected to continue for the remainder of this year, the company said.
The performance of the Irish arm of the business was in stark contrast to the UK radio division, where revenue grew by 12pc on a like-for-like basis.
Television advertising increased 11pc so far this year, a rate that is forecast to continue in November and December
"The uncertain wider economic conditions and the continued short-term airtime bookings make us cautious in our outlook," the company said.
"Nonetheless, the revenue growth by our television and radio GB divisions, combined with the out performance of our Radio Ireland business provides encouragement ahead."