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18 Nov 2010 07:00
Interim Management Statement
The following Interim Management Statement for UTV Media plc covers the period from the beginning of the Group's current financial year, 1 January 2010, to the date of this announcement and incorporates the Group's ten month trading period ended 31 October 2010.
During those ten months the Group experienced overall revenue growth of 9% compared to the same period last year. After adjusting for the impact of foreign exchange and Sport Magazine, which was acquired in May 2009, like for like growth was 8%.
Other than the information contained in this Interim Management Statement and in previous reports, there have been no material events or transactions in the period up to 18 November 2010 which have affected UTV and its financial position.
Trading performance for the tenmonth period ended31 October2010and Outlook by Business Division
Radio GB
Revenue in our Radio GB division for the ten months to the end of October grew by 17%, based on continuing operations. On a like for like basis, revenue grew by 12%.
The UK radio market was up by 2% in the same period. We anticipate that revenue in this division will be flat in the last two months of this year. Sport Magazine remains on track to deliver the substantial year on year profit improvement previously indicated.
Radio Ireland
Radio Ireland revenue declined by 2% on a like for like basis in the period to 31 October, excluding sterling translation exchange losses. Before the exchange adjustment the decline was 5% and this is expected to continue broadly at this rate for the last two months of the year.
Television
Television advertising revenue to the end of October increased by 11% compared to a network increase of 17%. We anticipate that revenue in this division will be up by 11% in the last two months of this year.
New Media
Cumulative New Media revenue declined by 3% to the end of October with the same position forecast for the full year.
Net Debt
We continue to maintain a policy of debt reduction to strengthen our balance sheet and anticipate that the strong cash generative nature of the business will enable us to further reduce debt in line with previous guidance.
Outlook
The uncertain wider economic conditions and the continued short-term airtime bookings make us cautious in our outlook. Nonetheless, the revenue growth experienced by our Television and Radio GB divisions combined with the out performance of our Radio Ireland business provides encouragement going forward.
For further information contact:
Maitland +44 (0) 20 7379 5151Anthony SilvermanRowan BrownUTV 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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