Profits down at UTV Media’s radio stations
LMFM, C103 and FM104 owner UTV Media has posted pre-tax profits of £6.1m in the first six months of 2013, down from £10.7m in the previous year.
Group revenue totalled £55.2 million, from £61.6 million last year.
The company said the radio advertising market in Ireland continued to be difficult throughout the first six months of 2013.
But despite Irish radio revenue down, the company says it has been enable to consistently outperform the market, which is estimated to be down by as much as 15% in the six months to 30 June 2013.
Chairman Richard Huntingford said: “We again outperformed the market, with our Irish Radio revenue down by 12% in local currency and by 10% in sterling to £9.8m (2012: £10.8m).
“With costs held at last year’s level, operating profit in our Irish Radio division was £2.1m (2012: £3.1m).”
In the UK, the company has been extending the international broadcasting services of UK-wide talkSPORT, meaning revenue at the station is down £3.4m.
The company is expecting improved performance in the second half of 2013.
UTV Media owns radio stations in counties Antrim, Cork, Limerick, Dublin, Louth and Meath and a national radio sales house UTV Radio Solutions based in Dublin.