Interim Management Statement
May 17 2012 - 2:00AM
UK Regulatory
TIDMUTV
UTV Media plc
Interim Management Statement 17 May 2012
The following Interim Management Statement for UTV Media plc covers the period
from the beginning of the Group's current financial year, 1 January 2012, to
the date of this announcement and incorporates the Group's four month trading
period ended 30 April 2012.
During those four months the Group experienced an overall revenue increase from
continuing operations of 2% compared to last year. Excluding the impact of
negative foreign exchange movements, the increase in revenue in this period was
3%.
Trading performance for the fourmonth period ended30 April 2012and Outlook by
Business Division
Radio GB
Radio GB revenue for the four months to the end of April rose by 8% compared to
the same period last year. This is slightly ahead of the UK radio market which,
we believe, grew by 7% during the same period. talkSPORT revenue increased by
16% over the same period. We expect a year on year revenue increase of around
20% for Radio GB in May and June mainly reflecting the positive impact of UEFA
Euro 2012 and the build up to the Olympics.
Radio Ireland
Revenue in our Radio Ireland division increased by 1% on a local currency
basis. We anticipate this positive trend to continue in May and June with like
for like sales increasing by 3%. However the negative impact of foreign
exchange movements resulted in an overall revenue decline of 2% from January to
April and is expected to result in a revenue decrease after exchange of 5% for
May and June.
Television
National Advertising Revenue (NAR) in our television operations declined by 6%
in the four month period to 30 April with total revenue (including other
income) reducing by 4%. We envisage NAR growth of 2% in May and June and total
revenue in this period to be up by 3%.
New Media
Revenue in our New Media business for the first four months to 30 April grew by
3% compared to the same period in 2011. We anticipate that in May and June,
revenues for this division will increase by 15% on last year. This will largely
reflect the impact of Simply Zesty, the social media agency acquired in March
2012.
Net Debt
We continue to place emphasis on cash generation and debt management. Our key
banking covenant ratio of Net Debt: EBITDA was 1.76:1 at 31 March 2012 (1.88:1
at 31 December 2011).
Summary and Outlook
Trading in the first half of 2012 is currently in line with our expectations
with the major sporting events of Euro 2012 and the London Olympics expected to
generate strong revenue growth during the summer. In addition the recently
announced affiliate relationship with ITV, the acquisition of Simply Zesty, the
establishment of talkSPORT worldwide and the five year refinancing of our
banking facilities all offer positive opportunities for the development of the
business. Continuing economic uncertainty, however, means airtime bookings
remain short term and forward visibility is limited. We therefore remain
cautious about the remainder of the year but believe we will continue to
deliver on market expectations.
For further information contact:
Maitland
Tom Buchanan/Rowan Brown +44 (0) 20 7379 5151
UTV Media plc
John McCann Group Chief Executive
Norman McKeown Group Finance Director
Orla McKibbin Head of Communications +44 (0) 7879 666427 /
+44 (0) 28 9026 2188
Cautionary Statement
Figures presented in this interim management statement are not audited. This
announcement contains certain forward-looking statements with regards to the
financial condition and results of the operations of UTV Media plc. Because
these statements and forecasts involve risk factors which are associated with,
but are not exclusive to, the economic and business circumstances occurring
from time to time in the countries and sectors in which the group operates,
actual results may differ materially from those expressed or implied by these
forward-looking statements. These forward-looking statements are made only as
at the date of this announcement. Nothing in this announcement should be
construed as a profit forecast. Other than required by law, UTV Media plc
undertakes no obligation to update the forward-looking statements.
END
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