While operating profits fell 11 per cent in 2012, overall, TV and sports radio group UTV Media (UTV) managed a reasonable performance. But, as 2013 has got under way, the group has continued to face trading headwinds due to a weak Irish advertising market and a dearth of major sporting events - which will weigh on its talkSPORT radio division that enjoyed a Euro football cup boost in early 2012.
That said, the group looks in a good position to cope with lean times. Net debt has been brought down below twice the cash profits and a five-year refinancing deal was secured last year. The company has also signed a new affiliate agreement with ITV and the renewal process for its Channel 3 licence to 2024 has been agreed. Meanwhile, its TV and radio stations continue to perform well and its online business should be boosted by the acquisition of Simply Zesty.