UTV profits up 24pc after cost reductions
The North’s biggest broadcaster UTV said profit rose 24pc in 2009 as finance costs fell and the company sold unprofitable units and cut jobs.
Net income increased to £11.1m (€12.3m) from £8.98m a year earlier, the Belfast company said today in a statement. Sales fell 6pc to £112m.
Finance costs fell 29pc to £5.8m while a cost reduction program that included job cuts saved £6m last year, UTV said. Exceptional costs fell 87pc to £600,000.
“Uncertainty in the economy impacts negatively on advertisers’ expenditure,” UTV said in the statement.
“However trading in the first few weeks of 2010 has been more encouraging with the UK television market, in particular, showing some signs of improvement.”
Continued weakness in the Irish market also affected television advertising revenue, the company said.