UTV Media sees 17% profits rise in 2010

The World Cup and a resurgent TV advertising market helped Northern Irish broadcaster UTV Media report a 17% increase in pre-tax profits in 2010.

According to financial results published today, UTV Media's group revenue was up 7% to £120.2m last year, delivering a pre-tax profit of £21.1m, up from £18.1m in 2009.

UTV said that the performance was buoyed by an 11% growth in the TV advertising market, particularly around the World Cup last summer. UTV's total TV turnover stood at £36.7m.

TalkSport, the UTV-owned station that signed disgraced former Sky Sports presenters Andy Gray and Richard Keys last month, reported a 36% increase in operating profits to £6.4m.

Looking ahead, UTV Media said that 2011 has started well for its GB Radio division, which includes TalkSport, with revenues expected to be up 3% in the first four months of the year. GB Radio accounted for 60% of UTV's group turnover last year, and 72% of group operating profit.

UTV Media also said that it has been able to cut its debt by £17 million, or 34%, to £71.5m over the past two years.

John McCann, the group chief executive of UTV Media, said: "I am pleased that despite the difficult economic environment UTV achieved record pre-tax profits, pre-exceptional items, in 2010.

"With strong audiences across our platforms and significantly reduced debt we remain confident that we are well placed to meet market challenges and opportunities over the coming year."

In December last year, UTV Media called on the BBC to review its national speech radio stations, including Radio 5 Live, and bring its overall radio budget "under control".