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UTV Internet moves toward profitability
Monday, September 17 2001
by Elaine Larkin


UTV has released its interim results for 2001 as the company's Internet division
edges closer to profitability. 

The company results, released on Monday, show operating losses in UTV Internet of
STG0.38 million for the six months ending 30 June 2001. This compares to a loss
of STG0.34 million in the four-month period last year. UTV Internet's total
losses for 2000 were STG0.8 million.



"We signalled our intention to bring our Internet business to profitability
earlier than originally forecast and we are on target to move into profit in the
second half of this year," said group chairman J B McGuckian on the subject of
the loss-making Internet division. These words echoed those of John McCann,
managing director, who at the announcement of the group's 2000 results in March
said, "It is expected the company will move into profitability within the
second half of this year."



Goodbody equity analyst, James Forbes, said that overall, UTV's results are a
very good in a difficult market. "It is an amazing out turn for them," he
said. 



Group operating profit before amortisation of goodwill increased to STG6.90
million from STG6.87 million in 2000.  There was also a STG0.43 million
reduction in television operating profit to STG6.78 million from STG7.21 million
the previous year, offset by a STG0.49 million operating profit contribution from
the acquisition of County Media in April 2001.



County Media operating profit before goodwill amortisation in the period was
STG0.49 million on turnover of STG1.29 million. Audited accounts of County Media
Limited for the year ended 31 December 2000 showed operating profits before
goodwill amortisation of IRSTG2.3 million on turnover of IRSTG6.4 million.



Earlier this year the company announced that upon completion of its acquisition
in Cork, it will launch an Internet service in Munster which will cater
specifically for users in that region through the provision of local content and
interaction.



As regards the Internet division Forbes said, "The key thing with the Net is
strategy," and that the generally conservative UTV would have "looked closely
at costs." If they say they will be profitable by the end of the year, they
will, he said.



"Despite the difficult market conditions experienced by many Internet
businesses, UTV Internet increased its total subscriber base by over 25 percent
in the first six months of this year and we are still on target to move into
profit in the second half," said McCann. "UTV Internet subscribers now exceed
40,000 and are a broad base of both business and residential customers across
Ireland." 



The UTV Web site, McGuckian said, continued to support UTV's on-screen
programming and news provision and now delivers over 1.2 million pages per month,
double the number of six months ago.





UTV can be found at  http://www.utv.co.uk/
.