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Overall, the company's operating profit before goodwill amortisation increased to STG13.6 million, up from STG13.4 million in 2000.
For the year, operating loss for UTV's Internet business hit STG0.23 million, compared to STG0.84 million in 2000. But in the second half of 2001, the business recorded an operating profit of STG0.15 million compared to an operating loss of STG0.5 million for the ISP in the same period a year ago.
Turnover for the year at UTV Internet was STG1.4 million and was derived from a variety of sources, UTV said, citing its revenue sharing deal with telecoms from dial-up customers as especially lucrative. The company also said in a statement that in spite of the problems associated with marketing within a different regulatory regime, an increasing number of the company's new customers are registering within the Republic of Ireland.
"Our key strength in the Internet market lies in our ability to respond to the changing needs of our customers through the development of innovative high quality products which can be delivered through a variety of telecommunications providers without having to invest heavily in infrastructure," said J B McGuckian, chairman. "Having achieved profitability in our Internet business in the second half of 2001, we anticipate continuing profitability throughout 2002."
The heart of UTV's Internet service was acquired by the company almost two years ago when it bought Northern Ireland's DNA Internet for STG4.25 million.
As a group UTV reported net debt for the year of STG10.7 million mainly due to the acquisition of Cork's County Media. The board recommended a final dividend of STG0.054 making a total for the year of STG 0.092 an increase of 5.7 percent over last year's dividend of STG0.087.
Earlier this month, UTV acquired a 50 percent stake in Dublin-based Bocom, which broadcasts news and advertising via satellite to large plasma screens located in high footfall locations, for STG1 million in cash.
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