Profits at UTV fell last year as Irish market shows no sign of turning around
PROFITS at media group UTV fell last year, as the company grappled with an Irish market that showed little sign of turning around.
The company, which counts FM 104 and Q102 among its radio stations, said pre-tax profits fell to £21m (€24.5m) from £23.3m a year earlier.
Revenue fell marginally to £120.1m, as the advertising market declined.
The broadcaster said the Irish advertising market has declined “much more severely” than the UK market, and this trend continued last year when the radio market is believed to have fallen by 7-10pc.
Meanwhile falling advertising revenue hit regional newspaper group Johnston Press, which saw 2012 profits fall by more than 50pc. Profits at the group, which count the Kilkenny People and Leinster Leader among its titles, fell to £12.6m as revenue slumped 12pc to £328.7m.
Advertising revenue dropped 12.7pc to £201.9m
Under new chief executive Ashley Highfield, Johnston is cutting back on the print run of some of its newspapers and focusing on running breaking news through their websites instead.