UTV Realizes Fall in Shares
Following half-year results, shares in UTV tended to plunge. According to a recent report, the results said the advertising revenue along with missed expectations were on a continuous decline in Ireland.
The media group affirmed that the pre-tax profits for the year's initial six months would come in at £6.1m. The same hinted a fall of almost 40% on year. On the other hand, revenues have been noted down at £55.2m i. e. by 10%.
The drop is being seen despite a rising market share. It is being said that the fall has been attributed by the continuing struggles in the operations of the firm in Ireland.
UTV said that they had outperformed the market once again. The Irish radio revenue has fallen 12%, while the sterling is low by 10%, touching £9.8m.
It is being said that the costs, if held at the level of last year, the Irish radio division's operating profit was £2.1m i. e. realizing a plunge of 33% on 2012.
Coming on the TV side, wherein the license for ITV was owned by UTV in the north, the advertising market has been realized stronger than radio. However, it was overall weak.
"Television advertising revenue is growing strongly in both GB and Ireland and is expected to be up by 11pc in the third quarter", affirmed company chairman Richard Huntingford.
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