Wednesday 7 December 2016

Wireless Group profit falls to €13.5m following firm's sale of UTV Ireland

Published 31/03/2016 | 08:20

Pictured at the official opening of UTV Ireland's brand new HD studios and headquarters, at Macken House, Dublin are John McCann, Group Chief Executive UTV Media plc with An Taoiseach Enda Kenny and Roisin Brennan, Chairperson UTV Ireland. Picture Jason Clarke Photography.
Pictured at the official opening of UTV Ireland's brand new HD studios and headquarters, at Macken House, Dublin are John McCann, Group Chief Executive UTV Media plc with An Taoiseach Enda Kenny and Roisin Brennan, Chairperson UTV Ireland. Picture Jason Clarke Photography.

Profits on Wireless Group's continuing operations dipped to £10.7m (€13.5m) last year, down from £11.9m in 2014.

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The radio focused firm, which was known as UTV prior to the sale of its television assets to ITV, posted lower revenue in 2015 of £75.1m.

Wireless Group sold its TV assets, which included UTV Ireland, to ITV in February for £100m.

The group made an exceptional profit of £6.9m from the sale of JuiceFM in the year.

Earnings per share at the firm also fell to 8.65p, down from 9.43p year on year.

Wireless Group chairman Richard Huntingford said the firm has "an exciting future" as a radio-based business.

"We are targeting double digit profit growth over the medium term which should deliver both significant income and capital growth for shareholders over the coming years.”

During the year the company returned £55m of cash to its shareholders following the UTV sale.

Wireless also posted a loss after tax on discounted items, which includes UTV Ireland, of £5.3m for the year.

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