UTV continue strong performance in difficult market

Speaking at ITV franchisee UTV's Annual General Meeting in Belfast today, the company Chairman John B. McGuckian highlighted UTV's continued strong performance in 2003, but warned of a likely downturn in the second half of the year.
Mr McGuckian said: "The services we provide to our viewers, listeners and internet users, and our success in making these attractive to our customers, are what drive our success in financial terms.
"In the first quarter of the current year, television advertising revenue was up by 2% compared to a 4% decline in ITV as a whole. The second quarter, where the comparative includes additional revenue from the World Cup in June last year, will be more difficult with ITV advertising revenue likely to be down by about 5%, while we anticipate our television revenue will be down by 1%.
"We will again record a record share, therefore, in the first half year and would expect to outperform ITV in the full year."
Mr McGuckian also reported increased profitability and expansion in UTV's radio and internet ventures.
Mr McGuckian also commented on the proposed merger of ITV giants Carlton and Granada. He said: "We are broadly supportive of this proposal as it should result in a more cohesive and stronger ITV, which is in the interests of viewers, advertisers and shareholders. We are in discussions with Granada and Carlton about appropriate network and sales arrangements and are confident that we will be able to reach agreement on adequate safeguards for the smaller ITV licensees.
"The last year has continued to be challenging for the whole media sector where the consequences of the extended downturn in advertising revenue have sometimes been severe. Nevertheless, I am able to report the continuing sector outperformance by UTV."
(GB)