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17 Nov 2011 07:00
The following Interim Management Statement for UTV Media plc covers the period from the beginning of the Group's current financial year, 1 January 2011, to the date of this announcement and incorporates the Group's ten month trading period ended 31 October 2011
Trading performance for the ten month period ended31 October 2011and outlook by business division
During those ten months the Group experienced an overall revenue increase on continuing operations of 2% compared to last year.
Radio GB
Revenue over the period grew by 5% compared to the same period last year. The UK radio market declined by 2% in the same period. We anticipate that revenue in November and December in this division will be 9% above last year.
Radio Ireland
Revenue over the period declined by 4% compared to last year with sterling translation exchange gains accounting for 1%. The like for like decline in sales was therefore 5%, continuing a significant outperformance of the Irish radio market. It is expected that November and December will be flat compared to last year, like for like.
Television
Revenue over the period increased by 1% which was in line with the network. It is anticipated that this division will experience a revenue decline of 7% over the two month period of November and December.
New Media
Revenue over the period is 1% up on that achieved in the same period in 2010 and this trend is expected to continue in November and December.
Net Debt
Net debt continues to improve in line with previous guidance.
Summary and Outlook
The economic environment continues to bring uncertainty and volatility to the airtime market with visibility remaining very limited. In the last two months of the year, the decline in Television advertising revenue is likely to be mitigated by an increase in advertising revenue from Radio GB. In our Irish radio division, the decline in advertising has flattened in November and December while our New Media division is continuing to experience some growth.
For further information contact:
UTV Media plcJohn McCannGroup Chief Executive+44 (0) 28 9026 2202Norman McKeownGroup Finance Director+44 (0) 28 9026 2098Orla McKibbinHead of Communications+44 (0) 28 9026 2188Cautionary Statement
Figures presented in this Interim Management Statement are not audited. This announcement contains certain forward-looking statements with regards to the financial condition and results of the operations of UTV Media plc. These statements and forecasts involve risk factors which are associated with, but are not exclusive to, the economic and business circumstances occurring from time to time in the countries and sectors in which the group operates. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Other than required by law, UTV Media plc undertakes no obligation to update the forward-looking statements.
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