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15 May 2009 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 2009, to the date of this announcement and incorporates the Group's four month trading period ended 30 April 2009.
During those four months the Group experienced a revenue decline of 9% compared to last year. After adjusting for the impact of the two businesses acquired in 2008, FM104 and Tibus, the like for like decline was 14%.
Trading in this period was in line with our expectations and the Group achieved its budgeted operating profit.
Other than the information contained in this Interim Management Statement, there have been no material events or transactions in the period from 1 January 2009 to 15 May 2009 which have affected UTV and its financial position.
Trading performance for the four month period ending 30 April 2009 and Outlook by Business Division
Radio GB
Revenue in our Radio GB division for the four months to the end of April was down by 15%, based on continuing operations, compared to a market which we believe declined by 18% during the same period. We anticipate that revenue in this division will be down by 9% in May and June in line with somewhat improved market conditions.
Radio Ireland
Our Radio Ireland division grew revenue by 25% in the period to 30 April compared to last year with the FM104 acquisition accounting for 28% of this and sterling translation exchange gains explaining 14%. The like for like decline in sales was therefore 17% and this trend is expected to continue in May and June.
Television
Revenue in the Television division to the end of April declined by 19% which was in line with the network. We anticipate that revenue for the division will be down by 20% at the half year.
New Media
New Media revenue grew by 2% with the Tibus acquisition in February 2008 accounting for 7%. Revenue in May and June is anticipated to be in line with the same period last year.
Cost Savings
We continue to focus on cost reductions across the business and are currently operating ahead of our budgeted savings. We remain confident of their achievement for the full year.
Net Debt
As at 1 January 2009 the Group had net debt of £108.4m. In the four months to the end of April this has reduced as anticipated in our budget.
Summary and Outlook
In our Preliminary Announcement on 12 March 2009 we referred to the difficult economic environment and the fact that airtime bookings are extremely short term thereby offering limited forward visibility. We remain cautious about trading prospects for the year but our cost cutting measures are having a positive impact and we are currently in line with the Board's expectations.
For further information contact:
Maitland +44 (0) 20 7379 5151Rowan 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
This report 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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