UTV profits up by 8% despite 'difficult' media market

UTV's annual results for 2002 show an increase of 8% in group operating profit, up from £13.6m last year to £14.6m.
John McCann, Group Chief Executive of UTV, said: "Despite another difficult year for the media industry, the UTV group continued to make excellent progress and increased its operating profits significantly in a challenging economic environment.
"Our television revenues significantly outperformed the ITV network for the third successive year. Our advertising revenue increased by 4.7% to £37.8m giving us a record share of the ITV market, which declined by 1%.
"There are indications, albeit fragile, that the total television market will enjoy some growth in 2003. We expect to record a 2% increase in advertising revenue in the first quarter of 2003 compared to a 5% decline for ITV. In these uncertain market conditions, our objective will be to continue to improve our market share."
(GB)