UTV Media PLC (UTV.L) reported that first quarter group revenue declined 5% to 28.1 million pounds from 29.5 million pounds in the year ago period.
Radio GB revenues reduced by 7% over the period with decreases of 10% in talkSPORT and 3% in Local Radio business compared to a UK radio market which declined by 2%.
Radio Ireland revenues were down 10% on a local currency basis as a result of on-going volatile market conditions in Ireland.
Total Television revenue decreased by 3% with Net Advertising Revenue down by 2%, while in New media division revenues increased by 9%.
Looking ahead to second quarter, total revenue will be down 14% compared to prior year. Radio Ireland revenues are anticipated to be down by 6% while revenues from Irish offices to be up by 1% and London revenues will be down largely due to the impact of Euro 2012 in the prior year. The company also predicts second quarter revenue in New Media division to be up 3%.
Industry forecasts for radio and television are positive for both 2013 and 2014. However given the current challenging conditions, the company remains cautious about the outcome for the year.
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