UTV Media plc Interim Results for the six months ended 30 June 2012

Financial highlights on continuing operations *

• Group revenue up 4% to £61.6m (2011: £59.1m)
• Pre-tax profits up by 3% to £11.2m (2011: £10.9m)
• Group operating profit marginally down to £12.7m (2011: £12.8m)
• £13.1m (21%) reduction in net debt over 12 months to £50.0m (June 2011: £63.1m)
• Net debt has reduced by £45.7m over the last 3 years, a reduction of 48%
• Net finance costs down 12% to £1.6m (2011: £1.8m)
• Diluted adjusted earnings per share up by 3% to 8.93p (2011: 8.64p)
• Proposed interim dividend of 1.75p (2011: 1.50p)
   

Operational highlights and prospects

• talkSPORT signed exclusive football deals:
- Barclays Premier League package of worldwide audio broadcasting rights (excluding Europe) to 2016
- Commercial radio rights for the FA Cup in the UK and Global rights (including Europe) to 2018
• Acquisition of Simply Zesty - Ireland's leading social media agency
• Successful refinancing of bank facilities with terms, pricing and duration endorsing the cash generative qualities and balance sheet strength of UTV
• New network arrangements signed with ITV
• Continuing strong audience delivery across both Radio and Television
• Revenue growth of 11% in Radio GB and 4% in local currency in Radio Ireland
• Television net advertising revenue down by 3%, compared to the ITV1 Network which was flat, reflecting the economic environment in Ireland
• Continued significant debt reduction created by strong cash management, with 1.74 times Net Debt:EBITDA achieved at 30 June 2012 (2011: 2.20 times)
• Appointment of Richard Huntingford as Chairman

* As appropriate, references to profit include associate income but exclude exceptional items

John McCann, Group Chief Executive, UTV Media plc, said:
“The Group has posted a resilient performance for the first half of 2012, growing both revenues and pre-tax profits in a choppy market. It has also seen the business undergo some exciting operational developments, including a new Network Affiliate Agreement with ITV; talkSport securing innovative broadcasting agreements with both the Barclays Premier League and the Football Association; and the acquisition of Simply Zesty, Ireland’s leading social media agency. The emphasis on adding value right across UTV’s media assets, coupled with disciplined balance sheet improvement, provides a strong platform for future growth.”

For further information contact:
Maitland +44 (0) 20 7379 5151
Rowan Brown
UTV Media plc
John McCann Group Chief Executive +44 (0) 28 9026 2202
Norman McKeown Group Finance Director +44 (0) 28 9026 2098
Orla McKibbin Head of Communications +44 (0) 28 9026 2188