UTV group profit falls £9m due to cost of UTV Ireland
UTV Media has reported a first-half pre-tax profit of £1 million, down from £10 million last year.
The company says it reflects the cost of setting up UTV Ireland.
In its interim results for the first half of the year, released this morning, the company said significant losses have been incurred by UTV Ireland in the first six months on air.
“The challenges of establishing a new television channel are evident in these results which reflect the significant losses incurred by UTV Ireland in its first six months on air," said Chairman Richard Huntingford.
"Less evident, but not to be lost sight of, is the inherent value created by the establishment of a mainstream television channel in Europe’s fastest growing economy, with long term licensing, programme supply and infrastructure in place.”
Group revenue remains similar to last year, at £58.3m (up slightly from £57.8m).
