Profits boost for Talksport owner
UTV Media, the owner of Talksport radio station and the Northern Ireland ITV franchise, saw its half year profits rise by 12 per cent to £10.4m despite a downturn in its hitherto core television business.
The company, which recently raised £50m from shareholders, attributed its profits growth to revenue improvements from its radio business – with Talksport revenues up 18 per cent at £12.1m – and fledgling new media activities.
John McCann, group chief executive, said the figures showed that the company’s decision to diversify away from television was the correct one.
Prior to building up its radio and new media business, UTV Media was inextricably linked to the fortunes of ITV – not always, especially now, a good place to be. Indeed television revenues in the half-year are down four per cent at £18.3m, the group said.
McCann said the company would remain alert to acquisition opportunities but would be cautious about splashing out after its recent rights issue and currently had no acquisitions on its agenda.
Numis called the results “encouraging”, saying the company had beaten its expectations, and kept its recommendation as a buy.
