UTV Media has announced 2009 Q1 financial results . During the quarter the Group experienced a revenue decline of 9% compared to last year. After adjusting for the impact of the two businesses acquired in 2008, FM104 and Tibus, the like for like decline was 14%.
Other than the information contained in this Interim Management Statement, there have been no material events or transactions in the period from 1 January 2009 to 15 May 2009 which have affected UTV and its financial position.
Revenue in the Radio GB division for the four months to the end of April was down by 15%, based on continuing operations, compared to a market which we believe declined by 18% during the same period. The revenue in this division , according to a release , will be down by 9% in May and June in line with somewhat improved market conditions.
Radio Ireland division of UTV Media grew revenue by 25% in the period to 30 April compared to last year with the FM104 acquisition accounting for 28% of this and sterling translation exchange gains explaining 14%. The like for like decline in sales was therefore 17% and this trend is expected to continue in May and June.
Revenue in the Television division to the end of April declined by 19% which was in line with the network. We anticipate that revenue for the division will be down by 20% at the half year.
New Media revenue grew by 2% with the Tibus acquisition in February 2008 accounting for 7%. Revenue in May and June is anticipated to be in line with the same period last year. As at 1 January 2009 the Group had net debt of £108.4m. In the four months to the end of April this has reduced as anticipated in our budget.