UTV Media has said that it expects losses at its new channel, UTV Ireland, to balloon to £8.5m this year, almost triple its original forecast.
The broadcaster, which also owns TalkSport and the ITV franchise in Northern Ireland, said in March that it expected losses to hit £6m this year.
“It is still very early in the life of UTV Ireland and there is considerable volatility in its performance,” the company said. “The strategic logic of UTV Ireland in creating leading television operations throughout Ireland remains clear.”
Total group revenue rose 7% to £29.7m in the first quarter.
Within this Radio GB, which is driven by TalkSport and Sport magazine, reported flat revenues at £13.2m. The company said that it is continuing with a strategic review of its local radio stations, which it is seeking to offload.
The company said that in the second quarter Radio GB will see a 16% decrease in revenues, with TalkSport down 25% and local radio revenues flat, due to a comparison with the advertising bonanza of last year’s World Cup.
Television revenues grew 25% to £11.7m, driven by UTV Ireland.
The company said that TV revenues, which includes its Northern Ireland operation which holds the ITV franchise, will be up 37% in the second quarter.
Revenues at the company’s Irish radio operations fell 10% to £4.65m in the first quarter.
