Mike Flynn
17th September 2002, 06:14
From the Indo
UTV plans to acquire more local radio stations in the Republic after reporting yesterday that a fall in profits at its TV arm was offset by income from radio and internet divisions.
Chief executive John McCann said the company was anxious to add to its two radio stations here, and had identified a number of targets.
"We would like to buy more, but it will depend on the ability to do a deal at the right price and approval from the Broadcasting Commission," he said.
In the past, UTV has paid heavily for radio stations in the Republic, but Mr McCann stressed that the company would not overpay.
No deal was imminent, but UTV was anxious to broaden its radio operations in the South, while it would apply for as many as eight radio licences in Britain.
For the six months to the end of June, UTV's radio operations, which include County Media in Cork and Treaty Radio in Limerick, saw profits rise to #791,000 from #490,000.
Overall, the company reported a fall in pre-tax profits for the six months from #6.3m to #5.86m, as the group battled tough conditions as companies cut their advertising budgets.
Turnover at the Belfast-based group, which employs 310 staff, rose 8.1pc to #22.5m.
Advertising revenues fell 2pc in the first quarter, but rose 2pc in the second, helped by increased advertising to tie in with the World Cup.
UTV's internet operations moved into the black recording a #150,000 profit against a #376,000 loss as the group cut costs.
Shares in UTV are up 15pc this year, making it one of the best performing media companies in Europe.
Shareholders will be paid an interim dividend of 3.95p, up from 3.8p paid out by the media company this time last year.
Charlie Weston
UTV plans to acquire more local radio stations in the Republic after reporting yesterday that a fall in profits at its TV arm was offset by income from radio and internet divisions.
Chief executive John McCann said the company was anxious to add to its two radio stations here, and had identified a number of targets.
"We would like to buy more, but it will depend on the ability to do a deal at the right price and approval from the Broadcasting Commission," he said.
In the past, UTV has paid heavily for radio stations in the Republic, but Mr McCann stressed that the company would not overpay.
No deal was imminent, but UTV was anxious to broaden its radio operations in the South, while it would apply for as many as eight radio licences in Britain.
For the six months to the end of June, UTV's radio operations, which include County Media in Cork and Treaty Radio in Limerick, saw profits rise to #791,000 from #490,000.
Overall, the company reported a fall in pre-tax profits for the six months from #6.3m to #5.86m, as the group battled tough conditions as companies cut their advertising budgets.
Turnover at the Belfast-based group, which employs 310 staff, rose 8.1pc to #22.5m.
Advertising revenues fell 2pc in the first quarter, but rose 2pc in the second, helped by increased advertising to tie in with the World Cup.
UTV's internet operations moved into the black recording a #150,000 profit against a #376,000 loss as the group cut costs.
Shares in UTV are up 15pc this year, making it one of the best performing media companies in Europe.
Shareholders will be paid an interim dividend of 3.95p, up from 3.8p paid out by the media company this time last year.
Charlie Weston