UTV sees TV revenue down by 20%
By James Welsh
UTV has said that revenues in its television unit are likely to be down 20% year-on-year by halfway through 2009.
In an interim management statement outlining conditions experienced by the company in the four months to the end of April, UTV said trading "was in line with our expectations" with the group achieving "its budgeted operating profit".
"Revenue in the television division to the end of April declined by 19% which was in line with the [ITV] network," the statement said. "We anticipate that revenue for the division will be down by 20% at the half year."
Revenue at UTV's "Radio GB" division, which includes TalkSport, was down by 15% compared to what the company has assessed as an 18% drop in the market overall. However, conditions in May and June should improve to reduce the drop to 9%.
"We continue to focus on cost reductions across the business and are currently operating ahead of our budgeted savings," the company said. "We remain confident of their achievement for the full year."