UTV Media plc Preliminary Results for year ended 31 December 2011

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UTV Media plc
(“UTV” or “the Company” or “the Group”)
Preliminary Results
for the year ended 31 December 2011

Financial highlights on continuing operations *

• Record pre-tax profits -  up by 10% to £23.3m (2010: £21.3m)
• Group revenue up by 2% to £121.6m (2010: £118.9m)
• Group operating profit up by 3% to £26.8m (2010: £26.1m)
• 23% or £16.8m reduction in net debt over 12 months to £54.7m (2010: £71.5m)
• Net debt reduced by 49% over the last 3 years, a reduction of £52.9m
• Net finance costs down by 26% to £3.5m (2010: £4.7m)
• Impairment charge of £45.0m recognised on Republic of Ireland intangible assets with £19.0m due to higher Republic of Ireland sovereign debt risk
• Pension deficit of £8.6m (2010: £6.8m) despite significant movement in discount rate (2011: 4.80% versus 2010: 5.40%)
• Diluted adjusted earnings per share from continuing operations up by 12% to 18.96p (2010: 16.93p)
• Proposed final dividend of 4.50p (2010: 3.00p) resulting in a full year dividend up by 50% to 6.00p (2010: 4.00p)

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

Operational highlights

• Continuing strong audience delivery across both Radio and Television
• Revenue growth of 6% in Radio GB despite the tough comparatives of the 2010 World Cup
• Irish Radio Revenues down by 4% - yet still represents significant market outperformance
• Television revenue up by 1% with net advertising revenue in line with the ITV Network
• Strong cash management has led to significant debt reduction and a Net Debt:EBITDA ratio of 1.88 times

John McCann, Group Chief Executive, UTV Media plc, said:
“I’m very pleased with the company’s performance against what has remained a testing economic background. The strength of these numbers firmly reflects UTV’s commitment to deliver innovative programming across platforms, driving audience share while at the same time effectively managing costs within the business and paying down our debt facilities. We remain committed to our strategy of delivering value through the development of a diversified portfolio of leading media assets. I am confident this foundation will see the business continue to perform into 2012.”
 

Key Dates

• 17 May 2012 – date of Annual General Meeting
• 25 May 2012  – record date for payment of dividends
• 16 July 2012  – payment of dividends

For further information contact:

Maitland 
Tom Buchanan/Rowan Brown     +44 (0) 20 7379 5151

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

For more info download the PDF here