| Casting an objective eye on the television industry |
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UTV Results Ulster Television has issued an interim management starement for for the six months ended 30 June 2009. Group turnover was down 10% to £54.5m (2008 : £60.9m). Group operating profit, including associates, is £11.0m (2008: £15.4m). Pre-tax profits before exceptional items of £7.8m (2008: £11.2m). Reduction in net debt of £12.1m. Radio operating profit, including income from associates, was down 16% to £8.2m (2008: £9.8m). Radio now accounts for 74% of total operating profit. Television operating profits down 61% to £1.8m (2008 : £4.7m). In relation to Irish Radio the company said; "On a like for like basis, Irish
Radio revenue fell by 21% in the period, with the second quarter decline being somewhat worse than anticipated at 23%. Irish radio operating profit was maintained at £3.6m for the first half." In the wake of these results shares in UTV climbed 25% in line with a general mark up of media shares. It remains to be seen, not least when one considers the dire state of the Irish economy, whether this performance can be sustained.
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C4's Future? And so with Andy Duncan half out the door; the speculators are apeculating as to the future of C4. This is hardly surprising what with the Financial Times reporting a source as suggesting that the current talks between C4 and BBC Worldwide "seemed doomed to be stillborn." The favourite for the vacant seat at ITV is currently ITV's Peter Fincham. It is rumoured that were he to take the job that many senior executives at the channel will be packing their bags. The BBC's Jana Bennet is also short in the betting, and it may be that her experience and contacts within BBC Worldwide will secure her the job. The internal candidiate with the greatest chance of succeeding Duncan, and the one that would most please C4 insiders, is Kevin Lygo. Industry insiders suggest that whilst in the short term the new incumbent may indeed face a cash crisis, it is most likely that within the next two years the channel will form part of the Tories' privatisiation programme. Under such a scenario, it is likely that it would then be taken over by RTL. More stormy waters ahead for C4's beleagured staff?
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| News/Extras |
ITV has announced that the terms of its offering of senior unsecured guaranteed convertible bonds due 2016 have been fixed as follows: the issue size is GBP 135 million;
the conversion price has been set at 70.44 pence per share, which represents a premium of 40% over the volume weighted average price of ITV's ordinary shares from launch to pricing; and the coupon has been set at 4.00% per annum payable semi-annually in arrear. ITV intends to use the proceeds of the Offering to extend its average debt maturity, diversify the company's funding and increase the efficiency of the balance sheet.