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€20m profit for UTV

UTV Media, which is launching a new TV station here next year, has announced pre-tax profits of £16.9m (€20.1m) for last year, down from the previous year.

While market conditions were difficult for UTV in the first half, they improved in the second, especially in Ireland.

"After five years of decline, television advertising recorded growth of 11pc in the second half while radio advertising also moved into growth," the company said yesterday.

Group revenue was £107.8m (€128.4m), down 11pc in the first half of the year and up 3pc in the second half.

The company also reported a further jump in sales in its radio business in the run up to this year's World Cup.