WLG.L Regulatory News (WLG)

UTV Media plc - Interim Management Statement This Interim Management Statement covers the period from the beginning of theGroup's current financial year, 1 January 2015 to the date of this announcementand incorporates the Group's three month trading period ended 31 March 2015. 3 months to end March 2015 2014 % Change £m £m Group Revenue 29,711 27,878 7% Radio GB 13,276 13,275 0% Radio Ireland 4,653 5,154 (10)% Television 11,782 9,448 25% Radio GB Radio GB revenues were unchanged in the three months to March. talkSPORT'srevenue, including talkSPORT International and Sport Magazine, was down 1% dueto the strong comparison from the World Cup build-up in 2014. The nationalradio market was up 5%. In comparison to the same three month period in 2013,talkSPORT revenues were up by 14%. Revenues from our Local Radio business wereup by 2% and within this our airtime revenue was up by 5%. This compared to alocal market growth of 4%. In Q2, again against particularly strong comparatives, we anticipate Radio GBrevenues will decrease by 16%, with talkSPORT down by 25% and local radiostation revenues flat, in line with expectations. Radio Ireland Radio Ireland revenues were unchanged in the three months to March on aconstant currency basis and down 10% including exchange movement. Thisperformance was in line with our forecasts, with Q1 in 2014 particularlystrong. We believe the Q1 performance is in line with the Irish commercialradio market. In Q2 we anticipate Radio Ireland revenues will be up 1% on a constant currencybasis and down 10% including exchange movement, in line with expectations inlocal currency. Television Television revenues grew by 25% in the three months to March. Excluding Tibusand Simply Zesty, which grew by a combined 10%, our core Television businessgrew by 27%. This growth was mainly generated by our Dublin based start-upstation, UTV Ireland in its first three months. Revenue from our NorthernIreland Television operations (UTVNI) was unchanged compared to the same periodlast year, with Net Advertising Revenue (NAR) growth in our London sales officeof 7% and in our Dublin sales office of 8% being offset by the impact ofreduced local government advertising spend in our Belfast office. In Q2 we anticipate Television revenues will increase by 37%, with coreTelevision growing by 42%, again due to the inclusion of UTV Ireland. UTVNI NARis expected to be down by 4% in this period with London down 1% and the Irishoffices down 13%. Tibus and Simply Zesty combined are anticipated to grow by9%. Outlook Radio GB is operating to plan with price increases successfully implemented intalkSPORT largely eliminating the traditional fall back in profitability in apost major football competition year. The successful bid for the D2 DABmultiplex licence offers a strong growth opportunity in 2017 after theanticipated profit uplift from the Euros in 2016. Our Local Radio assetscontinue to perform well and are outperforming the market. The strategic reviewof these assets is ongoing. We remain positive as to the full year performance of Radio Ireland in localcurrency. We have market leading positions and we will continue to benefit asthe Irish economy continues to recover. In Television our UTVNI revenue is expected to trend in line with market growthfor the London and Dublin sales offices but there remains uncertainty as to howlong the local government expenditure cuts will reduce our Belfast officerevenue. As previously advised, UTV Ireland has had a slower start to the year. It isstill very early in the life of UTV Ireland and there is considerablevolatility in its performance. Given that volatility we think it would beappropriate to reduce our revenue forecasts for 2015 by £2.5m. The strategiclogic of UTV Ireland in creating leading Television operations throughoutIreland remains clear. The next scheduled announcement of financial information by UTV Media plc willbe the release of our Interim Results (to 30 June 2015), which is scheduled for25 August 2015. Enquiries Orla McKibbin, Director of Communications +44 (0)28 9026 2188 / +44 (0)7879 666 427 James Devas, Maitland +44 (0)20 7379 5151 About UTV UTV Media plc is one of the most successful media companies in the UK andIreland incorporating Radio and Television. UTV Radio GB operates the no. 1commercial national speech station - talkSPORT, 13 Independent Local RadioStations (ILRs) and a number of digital radio multiplexes throughout GB.talkSPORT is Global Audio Partner of the Barclays Premier League through to2019 and also incorporates talkSPORT International and Sport magazine. UTVRadio Ireland is the largest operator of ILRs in Ireland. Television comprisesUTV in Northern Ireland which is the Channel 3 licensee licence holder, UTVIreland in the Republic of Ireland which commenced broadcasting on 1 January2015, Tibus, a specialist digital services business and Simply Zesty, a fullservice digital agency. 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.