WLG.L Regulatory News (WLG)

UTV Media plc - Interim Management Statement 15th November 2013 This Interim Management Statement covers the period from the beginning of theGroup's current financial year, 1 January 2013 to the date of this announcementand incorporates the Group's nine month trading period ended 30 September 2013. 9 months to end September 2013 2012 % Change £m £m Group Revenue 83.3 89.3 (7%) Radio GB 37.1 41.3 (10%) Radio Ireland 14.5 15.3 (6%) Television 22.7 23.7 (4%) New Media 9.0 9.0 - 3 months to end September 2013 2012 % Change £m £m Group Revenue 28.2 27.8 1% Radio GB 13.1 13.5 (3%) Radio Ireland 4.7 4.5 5% Television 7.5 6.8 9% New Media 2.9 3.0 (3%) Radio GB As anticipated, revenues in our Radio GB division reduced by 10% over the 9months to September. talkSPORT's revenue was down by 15% in the period which,when adjusted to reflect the absence of the Euro 2012 football tournament,represents an outperformance of the industry decline of 8%. Local airtimerevenues increased by 8% in the 9 month period, compared to a market up 3%,however our total local revenues were down by 3% as a result of a decline inmultiplex revenues which should stabilise in 2014. Improving market conditions have led to a better performance in Q3 (overalldown 3% in line with the market), with revenues in our talkSPORT business up 5%in August and 8% in September, and our local revenues up 2% and 1% in the samemonths. We believe this growth in talkSPORT and local radio will continue intoQ4 and we anticipate our Radio GB divisional revenue in the final quarter willbe 4% up on last year. Radio Ireland In the 9 months to September our Radio Ireland revenues declined by 6% (9% on alocal currency basis) representing an outperformance against the market whichis estimated to be down by around 15% in the same period. As anticipated,improving market conditions in Q3 (market down around 5%), along with apositive foreign exchange impact, resulted in an increase of 5% in revenues (adecline of 2% on a local currency basis). The outlook for Q4 is better and weexpect to continue to outperform the market with a revenue increase of 8% (5%on a local currency basis). Television Total Television revenues in the 9 month period to September decreased by 4%,with London NAR down 3% and Irish NAR down 1%. Growth from July onwards has ledto a 9% increase in total revenues in Q3, with our Net Advertising Revenue(NAR) up by 11% in this quarter. In Q3 our London NAR was up 10% and our IrishNAR was up by 15%. In Q4 we expect total Television revenues to be up 8%, withLondon NAR in line with last year, and our Irish NAR to increase by 10%,compared to the same period in 2012. New Media Revenue in the nine months to September was in line with the same period in2012. In the third quarter challenging trading conditions facing our UTVConnect business led to a decrease of 3% in divisional revenues. Excluding UTVConnect, New Media divisional revenues were up 16% in the quarter. We anticipate revenues in Q4 to be down 13% on the same period in 2012.Excluding UTV Connect, New Media divisional revenues are expected to be up 1%in Q4. Net Debt Net debt at 30 September was £56.1m (£52.5m at 30 September 2012) in line withour expectations. We continue to be very focused on our costs and cash management, recognisingthe need to continue to carefully manage our resources. Outlook After the very difficult trading conditions of the first six months, it is goodto be able to report that the Group has moved into year on year revenue growthin H2. As we progress towards 2014 we are further encouraged by the prospect ofa continuation of these improved market conditions together with the commercialopportunities arising from the FIFA World Cup. Last week's announcement of our plans to launch a new television channel inIreland, following our agreement with ITV Global Entertainment for theexclusive rights, from January 2015, for key ITV programmes in the Republic ofIreland, represents an exciting strategic step forward for the Group. A strongtelevision offering in the Republic of Ireland, replicating the success of ourtelevision station in Northern Ireland, will complement our alreadywell-established radio and online activities throughout Ireland. UTV's next scheduled announcement of financial information will be the releaseof our preliminary results (to 31 December 2013) which is provisionallyscheduled for 18 March 2014. Investor Enquiries www.utvmedia.com/investorsJohn McCann, Group CEO +44 (0) 28 9032 8122Norman McKeown, Group Finance Director +44 (0) 28 9032 8122 Media EnquiriesOrla McKibbin, Head of Communications +44 (0) 28 9026 2188 / +44 (0) 7879 666 427 MaitlandJames Devas +44 (0) 20 7379 5151 About UTV UTV Media plc is one of the most successful media companies in the UK andIreland incorporating Radio, Television and New Media. UTV Radio GB operatesthe no. 1 commercial national speech station - talkSPORT, 13 Independent LocalRadio Stations (ILRs) and a number of digital radio multiplexes throughout GB.talkSPORT is Global Audio Partner of the Barclays Premier League through to2016 and also incorporates Sport magazine. UTV Radio Ireland is the largestoperator of ILRs in Ireland. UTV Television is the Channel 3 licensee forNorthern Ireland and has the highest TV penetration locally. UTV New Mediacomprises a leading internet service provider, specialist digital servicesbusiness, full service digital agency and three web-based portals. Forward Looking Statements Figures presented in this interim management statement are not audited. Thisannouncement contains certain forward-looking statements with regards to thefinancial condition and results of the operations of UTV Media plc. Thesestatements and forecasts involve risk factors which are associated with, butare not exclusive to, the economic and business circumstances occurring fromtime to time in the countries and sectors in which the group operates. Theseforward-looking statements are made only as at the date of this announcement.Nothing in this announcement should be construed as a profit forecast. Otherthan required by law, UTV Media plc undertakes no obligation to update theforward-looking statements.