15th May 2014 07:00
UTV MEDIA PLC - Interim Management StatementUTV MEDIA PLC - Interim Management Statement
PR Newswire
London, May 14
UTV Media plc - Interim Management Statement This Interim Management Statement covers the period from the beginning of theGroup's current financial year, 1 January 2014 to the date of this announcementand incorporates the Group's three month trading period ended 31 March 2014. 3 months to end March 2014 2013 % Change £m £m Group Revenue 27.8 26.0 7% Radio GB 13.3 12.1 10% Radio Ireland 5.1 4.9 6% Television 9.4 9.0 4% Radio GB Radio GB revenues grew by 10% in the 3 months to March. talkSPORT's revenue wasup by 16% in the quarter which reflects growth of 3% in the national marketalong with the positive impact of the build up to the 2014 FIFA World Cup.Total local revenues were unchanged as a result of an anticipated decrease inrevenues from digital multiplexes. We expect that this strong growth in talkSPORT associated with the FIFA WorldCup will continue into Q2, with revenues forecast to be up 45% year on year.Together with rising local radio revenues, forecast in Q2 to be up 2% year onyear, we anticipate that our Radio GB divisional revenue in the second quarterwill be 26% up on the same period last year, in line with our forecasts. RadioGB revenue for the first six months of 2014 is consequently expected to be up18% on last year. Radio Ireland Radio Ireland revenues grew in the first quarter of 2014 with an increase of 6%(9% on a local currency basis) representing an outperformance against themarket which was estimated to be up by around 4% (in local currency) in thesame period. We expect positive market conditions in Q2 (market up around 1%),to result in a revenue increase of 4% (7% on a local currency basis) in thisperiod. As a result, Radio Ireland revenue for the first half of 2014 isanticipated to be up 5% (8% on a local currency basis) on the same period lastyear. Television As expected, there was growth in Television revenues in Q1 of 2014, with LondonNet Advertising Revenue (NAR) up 3%, Irish NAR up 11% and total revenues up 4%.In Q2 we anticipate total Television revenues to be up 15%, with London NAR toincrease by 19% and our Irish NAR to increase by 4%, compared to the sameperiod in 2013. Television revenues for the six months to June 2014 areexpected to be up 9% on last year. Net Debt Net debt at 31 March was £45.2m (£47.1m at 31 March 2013). Outlook The better trading conditions in H2 2013 have continued, as anticipated, into2014 with Group revenue growth of 7% in the first three months of the year. Weare pleased to be able to report that these positive market conditions arecontinuing into Q2 and, along with the revenue boost arising from the FIFAWorld Cup, we expect to see Group revenue increase by 18% in the second quarterof 2014 and by 12% for the first six months, in line with expectations. It is encouraging that revenue growth has returned to the Irish televisionmarket as we progress our plans to launch a new television channel in Irelandin 2015. With ITV Studios programming providing the spine of the schedule, weare well advanced in acquiring additional attractive programming and indeveloping high quality local programming which will appeal to Irish viewers.We have appointed key personnel with proven track records in the Irishmarketplace who will be supported by our already strong media team and existingbase of high quality media assets in Ireland. We remain confident of theopportunity that the new channel offers us to create significant long termshareholder value. UTV's next scheduled announcement of financial information will be the releaseof our interim results (to 30 June 2014) which is provisionally scheduled for26 August 2014. Investor Enquiries www.utvmedia.com/investorsJohn McCann, Group CEO +44 (0) 28 9032 8122Norman McKeown, Group Finance Director +44 (0) 28 9032 8122 Media EnquiriesOrla McKibbin, Director of Communication +44 (0) 28 9026 2188 / +44 (0) 7879 666 427MaitlandMartin Burrow +44 (0) 20 7379 5151 About UTV UTV Media plc is one of the most successful media companies in the UK andIreland incorporating Radio and Television. UTV Radio GB operates the no. 1commercial national speech station - talkSPORT, 13 Independent Local RadioStations (ILRs) and a number of digital radio multiplexes throughout GB.talkSPORT is Global Audio Partner of the Barclays Premier League through to2016 and also incorporates Sport magazine. UTV Radio Ireland is the largestoperator of ILRs in Ireland. UTV Television is the Channel 3 licensee forNorthern Ireland and has the highest TV penetration locally. The division alsoincludes a specialist digital services business and full service digitalagency. Forward-looking Statements Figures presented in this interim management statement are not audited. Thisannouncement contains certain forward-looking statements with regards to thefinancial condition and results of the operations of UTV Media plc. Thesestatements and forecasts involve risk factors which are associated with, butare not exclusive to, the economic and business circumstances occurring fromtime to time in the countries and sectors in which the group operates. Theseforward-looking statements are made only as at the date of this announcement.Nothing in this announcement should be construed as a profit forecast. Otherthan required by law, UTV Media plc undertakes no obligation to update theforward-looking statements.
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