Rising UTV share value pays investor nicely
UTV'S rising share price is paying off handsomely for investment company TVC Holdings.
Financial results released yesterday showed that pre-tax profits at TVC jumped to €6.8m in the six months ending September, from €2.4m in the same period a year before, after the net value of its shareholdings jumped by 14pc. Total portfolio returns rocketed to €8m, from €3.5m.
The bulk of TVC's returns come from its 18pc stake in UTV, which accounts for 86pc of its portfolio. It is the television company's largest single investor.
Analysts said the financial statement came as no surprise, given that gains at UTV, as a listed company, have been well-covered in recent months. The media company's share price has jumped by 16pc in the past three months.
UTV last week announced plans for a new Irish TV station, which will have the exclusive rights to broadcast ITV content in to the Republic from 2015.
UTV's last results, reported in August, also showed a strong improvement in Irish radio and TV revenues. Another trading statement is due from the company this Friday.
TVC now has net assets of €74.4m, including a cash balance of €25.7m, and no debt.