Sunday 24 July 2016

UTV Media gets first-half revenue kick from World Cup

Published 26/08/2014 | 08:51

Pat Kenny has joined UTV Ireland
Pat Kenny has joined UTV Ireland

Radio and television broadcaster UTV Media reported a 13pc rise in first-half revenue as its radio stations drew in fans for the 2014 FIFA World Cup.

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The company, which held radio rights to the tournament and is also set to launch an Irish TV station, said it expects third-quarter revenue to grow 3 percent, underpinned by improving economic conditions in the UK and Ireland.

Shares of the Belfast-based company rose 0.6 percent to 211 pence in early trading on the London Stock Exchange.

UTV said in May that it expected a big boost to first-half revenue from World Cup-related advertising.

The company reported revenue of 57.8 million pounds ($95.9 million) for the six months ended June 30 compared with 51.2 million pounds a year earlier.

Pretax profit rose 62 percent to 10 million pounds in the period.

"The 2014 FIFA World Cup added a further boost to advertising spend, with talkSPORT in particular enjoying strong growth in the first half of the year," Chairman Richard Huntingford said in a statement. Revenue at talkSPORT radio station jumped 33 percent, helping revenue at the company's largest division, Radio GB, rise 20 percent to 28.5 million pounds.

The increased revenue was not a surprise as the company said in May that it expected a big boost from the World Cup.

UTV said on Tuesday it expected a 5 percent increase in Radio GB revenue and a 7 percent rise in talkSPORT revenue in the third quarter.

The company announced an interim dividend of 1.82 pence per share, up from 1.75 pence a year earlier.

Reuters

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