15th Nov 2013 08:17
LONDON (Alliance News) - UTV Media PLC, which runs TV and radio stations in the UK and Ireland, Friday reported a drop in revenues in the first nine-months of the year, but said it had seen a sharp improvement in the third quarter that it expects to continue.
The company's revenues were down 7% at GBP83.3 million in the nine-months to end-September, from GBP89.3 million a year earlier, but were up 1% in the third quarter to GBP28.2 million, compared with GBP27.8 million.
The turnaround was mainly due to a pickup in revenue at its talkSPORT radio business which saw revenue fall 15% in the nine-month period, but rise 5% in August and 8% in September, while television revenues also turned around.
"We believe this growth in talkSPORT and local radio will continue into the fourth quarter and we anticipate our Radio GB divisional revenue in the final quarter will be 4% up on last year," the company said in a statement.
It said it is also encouraged by commercial opportunities arising from next year's football World Cup.
The company last week announced plans to launch a new television channel in Ireland after it signed a deal with ITV Studios Global Entertainment, giving it rights to ITV programming like Coronation Street and Emmerdale. It hopes to launch the new channel in 2015.
UTV Media shares last traded at 220 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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