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15/03/2004
UTV performance outshines ITV peers
Ulster Television plc, the ITV franchise holder in Northern Ireland, has announced its preliminary results for the year to 31 December 2003.
While group operating profit before goodwill amortisation increased to £15.1m (2002: £14.6m), television operating profit was down by £0.5m to £11.8m (2002: £12.3m) due to higher network programme and pension costs. Television advertising revenue increased by 2.1% compared to a 3.4% decrease for ITV however, giving UTV its fourth successive year of outperformance with a record share of 2.36% (2002: 2.24%) of the ITV advertising market.
Commenting on the results UTV Chairman John B McGuckian said: "We are pleased to announce another year of strong financial results. In a very competitive and challenging environment, UTV has outperformed ITV for the fourth successive year with a record share of the ITV advertising market. This growth continues into 2004 and we expect our TV advertising to be up by 10% for the first quarter of 2004.”
John McCann, UTV Group Chief Executive, added: “Our success in improving our share in the previous year resulted in the much higher charge for network programmes in 2003 of £8.0m (2002: £6.8m). Over the past three years, we have managed to mitigate the worst effects of the advertising recession by increasing our share of the market and controlling our costs. However, in achieving the former we have been subject to significant increases in the latter in respect of network programme costs. With the then proposed merger of Granada and Carlton, our ability to influence the network programme budget and its allocation would have been greatly reduced, and we made representations, therefore, to the Independent Television Commission and the Competition Commission on measures to reduce the volatility of these costs.
"I’m pleased to report that the regulations included appropriate measures to safeguard the interests of the small ITV companies in the undertakings required to be given by Granada and Carlton.”
(GB)
While group operating profit before goodwill amortisation increased to £15.1m (2002: £14.6m), television operating profit was down by £0.5m to £11.8m (2002: £12.3m) due to higher network programme and pension costs. Television advertising revenue increased by 2.1% compared to a 3.4% decrease for ITV however, giving UTV its fourth successive year of outperformance with a record share of 2.36% (2002: 2.24%) of the ITV advertising market.
Commenting on the results UTV Chairman John B McGuckian said: "We are pleased to announce another year of strong financial results. In a very competitive and challenging environment, UTV has outperformed ITV for the fourth successive year with a record share of the ITV advertising market. This growth continues into 2004 and we expect our TV advertising to be up by 10% for the first quarter of 2004.”
John McCann, UTV Group Chief Executive, added: “Our success in improving our share in the previous year resulted in the much higher charge for network programmes in 2003 of £8.0m (2002: £6.8m). Over the past three years, we have managed to mitigate the worst effects of the advertising recession by increasing our share of the market and controlling our costs. However, in achieving the former we have been subject to significant increases in the latter in respect of network programme costs. With the then proposed merger of Granada and Carlton, our ability to influence the network programme budget and its allocation would have been greatly reduced, and we made representations, therefore, to the Independent Television Commission and the Competition Commission on measures to reduce the volatility of these costs.
"I’m pleased to report that the regulations included appropriate measures to safeguard the interests of the small ITV companies in the undertakings required to be given by Granada and Carlton.”
(GB)
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