Company name UTV Media PLC
Headline Half-yearly Report


Half-yearly Report
UTV Media plc                                 

                    ("UTV" or "the Company" or "the Group")                    

                                Interim Results                                
                     for the six months ended 30 June 2012   
                  

Financial highlights on continuing operations (1)

  * Group revenue up 4% to £61.6m (2011: £59.1m)
   
  * Pre-tax profits up by 3% to £11.2m (2011: £10.9m)
   
  * Group operating profit marginally down to £12.7m (2011: £12.8m)
   
  * £13.1m (21%) reduction in net debt over 12 months to £50.0m (June 2011: £63.1m)
   
  * Net debt has reduced by £45.7m over the last 3 years, a reduction of 48%
   
  * Net finance costs down 12% to £1.6m (2011: £1.8m)
   
  * Diluted adjusted earnings per share up by 3% to 8.93p (2011: 8.64p)
   
  * Proposed interim dividend of 1.75p (2011: 1.50p)
   

Operational highlights and prospects

  * talkSPORT signed exclusive football deals:
   
      + Barclays Premier League package of worldwide audio broadcasting rights
        (excluding Europe) to 2016
       
      + Commercial radio rights for the FA Cup in the UK and Global rights
        (including Europe) to 2018
       
  * Acquisition of Simply Zesty - Ireland's leading social media agency
   
  * Successful refinancing of bank facilities with terms, pricing and duration
    endorsing the cash generative qualities and balance sheet strength of UTV
   
  * New network arrangements signed with ITV
   
  * Continuing strong audience delivery across both Radio and Television
   
  * Revenue growth of 11% in Radio GB and 4% in local currency in Radio Ireland
   
  * Television net advertising revenue down by 3%, compared to the ITV1 Network
    which was flat, reflecting the economic environment in Ireland
   
  * Continued significant debt reduction created by strong cash management,
    with 1.74 times Net Debt:EBITDA achieved at 30 June 2012 (2011: 2.20 times)
   
  * Appointment of Richard Huntingford as Chairman
   
(1) As appropriate, references to profit include associate income but exclude
exceptional items

John McCann, Group Chief Executive, UTV Media plc, said:

"The Group has posted a resilient performance for the first half of 2012,
growing both revenues and pre-tax profits in a choppy market. It has also seen
the business undergo some exciting operational developments, including a new
Network Affiliate Agreement with ITV; talkSport securing innovative
broadcasting agreements with both the Barclays Premier League and the Football
Association; and the acquisition of Simply Zesty, Ireland's leading social
media agency. The emphasis on adding value right across UTV's media assets,
coupled with disciplined balance sheet improvement, provides a strong platform
for future growth."

For further information contact:

Maitland +44 (0) 20 7379 5151

Rowan Brown

UTV Media plc

John McCann Group Chief Executive +44 (0) 28 9026 2202

Norman McKeown Group Finance Director +44 (0) 28 9026 2098

Orla McKibbin Head of Communications +44 (0) 28 9026 2188

Chairman's Statement

Introduction

I was delighted and honoured last month to be appointed Chairman of UTV Media
plc, a company that I have admired for its achievements for a number of years.

The Group has a high quality portfolio of leading media assets in radio,
television and digital media that enjoy strong competitive positions in their
respective markets. In addition, it has a highly committed and motivated
management team, led by John McCann, with both a strong track record of
industry out-performance and a keen focus on financial discipline.

The Group generates strong cashflows from its businesses - even in the most
difficult of trading conditions for media companies - which it has sensibly
deployed to strengthen significantly its balance sheet over the recent past,
whilst also maintaining a dividend return for its shareholders.

Given this, I believe that the Group has a strong platform for future growth,
particularly once macro-economic conditions improve. I also hope that my many
years of media industry and PLC Board experience can bring added value and
additional perspective to the company, for the long-term benefit of its
shareholders.

Results (1)

Radio operating profits in the first six months increased by 14% to £10.0 (2011
: £8.8M) which was offset by a reduction in television and new media operating
profits to £2.1M (2011 : £3.1M) and £0.6M (2011 : £0.9M) respectively. Group
operating profit, therefore, was marginally lower at £12.7M (2011 : £12.8M).
With a reduced net interest charge of £1.6M (2011 : £1.8M) group profit before
tax and exceptional items was 3% higher at £11.2 (2011 : £10.9M). Diluted
adjusted earnings per share were up 3% at 8.93p (2011 : 8.64p)

(1) as appropriate, references to profit include associate income but exclude
exceptional items and relate to continuing operations only

Dividend

Your Board's success in reducing net debt has enabled it to adopt a more
progressive dividend policy over the last two years. While continuing to focus
on further debt reduction, and being mindful of the continuing macroeconomic
uncertainty, your Board is able to declare a 17% increase in the interim
dividend to 1.75p (2011 : 1.50p). This will be paid on 15 October 2012 to all
shareholders on the Register at the close of business on 14 September 2012.

Radio (1)

On 17 April 2012, we announced that talkSPORT had agreed a deal with the
Premier League for an exclusive package of international audio broadcasting
rights for the next four football seasons. On 26 July 2012, we announced that
agreement had been reached with the Football Association for commercial radio
rights for the FA Cup both internationally and domestically. These rights will
enable us to extend the talkSPORT brand and content beyond the UK. At the time
of writing, we have already announced agreements with the first of our
international broadcast partners and have successfully broadcast our first
Premier League matches in English, Mandarin and Spanish.

In the UK, investment in sports rights and presenters has firmly established
talkSPORT as an attractive proposition for both listeners and advertisers. This
proposition was enhanced during the Euro 2012 football tournament, helping to
lift talkSPORT's revenue for the six months to 30 June 2012 by 16% to £17.2M
(2011 : £14.8M). Our local radio stations in GB improved revenue by 3% to £
10.7M (2011 : £10.4M). As a result, operating profit at our GB Radio division
increased by 18% in the first six months to £6.9M (2011 : £5.8M).

In Ireland, the advertising revenue market remained very difficult and is
estimated to have been down by as much as 10% in the first half. However, our
very strong audience delivery in the key urban areas again led to a very
significant outperformance by our stations which, on a like for like basis,
increased revenues by 4%. After the impact of foreign exchange, revenue from
Radio Ireland included within the Group results declined by 1% to £10.8M (2011
: £11.0M). Operating profit at our Irish radio stations increased by 10% in
local currency which, after adjusting for foreign exchange, was pared back to a
still encouraging 5% improvement in operating profit to £3.1M (2011 : £3.0M).

Television

A new Network Affiliate Agreement was agreed with ITV plc on 5 March 2012. This
new agreement will replace the existing network arrangements which no longer
provide the appropriate structures to govern the broadcasting, new media,
technological, and regulatory realities of the modern Channel 3 network. The
Network Affiliate Agreement provides for an agreed fixed fee for the purchase
by our television division of multi-platform programme rights to the network
schedule.

In our television division, net advertising revenue was down by 3% in the first
half of 2012, an underperformance of the ITV1 network, which was flat. Within
this, our television advertising revenue from London was on a par with the ITV1
network while revenue from Ireland was down by 8%. Total television revenue was
down by 2% to £16.9M (2011 : £17.2M). With much of our cost base linked to
inflation indexed network programme costs, television operating profits were
reduced to £2.1M (2011 : £3.1M).

New Media

On 6 March 2012, we announced the acquisition of Simply Zesty for an initial
consideration of £1.7M. Simply Zesty, which is based in Dublin, provides social
media marketing services to a wide range of clients, with more than 15% of its
revenues now coming from international clients.

Turnover in the New Media division increased to £6.0M (2011 : £5.8M) with £0.6M
due to the inclusion of Simply Zesty for the first time. Within the total,
Internet revenue slipped due to competitive pricing while revenue at our web
development business, Tibus, was maintained. Overall new media operating profit
was £0.6M (2011 : £0.9M).

Prospects

As has been reported by many other media companies, the Olympics did not
provide any performance enhancing effect on advertising revenue and as a result
trading conditions for the third quarter have been less positive than
anticipated. The television airtime market in Ireland continues to be difficult
leading to an expected 13% fall in television advertising in the three months
ending 30 September 2012. Irish radio is projected to show a 2% improvement on
a like for like basis and GB Radio advertising revenue is expected to increase
by 2% during the three months, despite a strong 2011 Rugby World Cup
comparative. New Media revenue is forecast to be up by 1% on a like for like
basis, excluding Simply Zesty.

Looking to the full year, the continuing economic uncertainty is likely to lead
to volatility in the advertising revenue market. Both our GB and our Irish
radio divisions are expected to continue to outperform their respective markets
for the rest of the year. However, we would anticipate that with lacklustre
conditions in Ireland, our television revenue will underperform the UK
television market. Our New Media division will continue to show modest growth
for the remainder of the year.

Board

My immediate priority as Chairman is to restore the Board to full independence
following the events of earlier this year; the effects of which I believe may
unfortunately have overshadowed the strong performance of the Group's
businesses. I am committed to the highest standards of corporate governance and
look forward to constructive engagement with the company's shareholders. I will
be strengthening the Board with new Non-Executive Director appointments with
the aim of creating an effective, cohesive and balanced board of directors,
appropriate to UTV Media's status and scale of ambition as a listed company.

Finally, I would like to pay tribute to my predecessor, Helen Kirkpatrick, who
successfully steered the Board through the most difficult of circumstances with
a wonderful blend of integrity, sensitivity, professionalism and humour.

Richard Huntingford

Chairman

28 August 2012

Group Income Statement

for the six months ended 30 June 2012

                              Results                          Results                         
                               before                           before          
                           Exceptional Exceptional          Exceptional Exceptional         
                                 Items        Items     Total     Items       Items    Total
                               30 June      30 June  30 June    30 June     30 June  30 June
                      Notes       2012         2012     2012       2011        2011     2011
                                  £000         £000     £000       £000        £000     £000
                                                                                             
Continuing operations                                                                        
                                                                                             
Revenue                   3      61,551           -   61,551      59,103           -   59,103
                                                                                             
Operating costs                (48,959)       (196) (49,155)    (46,429)           - (46,429)
                                                                                             
                                -------     -------  -------     -------     -------  -------
                                                                                             
Operating profit from     3      12,592       (196)   12,396      12,674           -   12,674
continuing operations                                                                        
before tax and finance                                                                       
costs                                                                                        
                                                                                             
Share of results of                  90           -       90          82           -       82
associates accounted for                                                                     
using the equity method                                                                      
                                                                                             
                                -------     -------  -------     -------     -------  -------
                                                                                             
Profit from continuing           12,682       (196)   12,486      12,756           -   12,756
operations before tax and                                                                    
finance costs                                                                                
                                                                                             
Finance revenue                      53           -       53          75           -       75
                                                                                             
Finance costs                   (1,651)           -  (1,651)     (1,896)           -  (1,896)
                                                                                             
Foreign exchange gain/               66           -       66        (83)           -     (83)
(loss)                                                                                       
                                                                                             
                                -------     -------  -------     -------     -------  -------
                                                                                             
Profit from continuing           11,150       (196)   10,954      10,852           -   10,852
operations before tax                                                                        
                                                                                             
Taxation                        (2,404)     (1,636)  (4,040)     (2,389)         616  (1,773)
                                                                                             
                                -------     -------  -------     -------     -------  -------
                                                                                             
Profit from continuing    5       8,746     (1,832)    6,914       8,463         616    9,079
operations after tax                                                                         
                                                                                             
Discontinued operations                                                                      
                                                                                             
Loss from discontinued    4           -           -        -       (213)           -    (213)
operations                                                                                   
                                                                                             
                                -------     -------  -------     -------     -------  -------
                                                                                             
Profit for the year               8,746     (1,832)    6,914       8,250         616    8,866
                                                                                             
                                -------     -------   ------     -------     -------   ------
                                                                                             
Attributable to:                                                                             
                                                                                             
Equity holders of the             8,561     (1,832)    6,729       8,083         616    8,699
parent                                                                                       
                                                                                             
Non-controlling interest            185           -      185         167           -      167
                                                                                             
                                -------     -------  -------     -------     -------  -------
                                                                                             
                                  8,746     (1,832)    6,914       8,250         616    8,866
                                                                                             
                                -------     -------   ------     -------     -------   ------
                                                                                             
Earnings per share                                                              2012     2011
                                                                                             
Continuing operations                                                                        
                                                                                             
Basic                     7                                                    7.07p    9.34p
                                                                                             
Diluted                   7                                                    7.02p    9.28p
                                                                                             
Adjusted                  7                                                    8.99p    8.70p
                                                                                             
Diluted adjusted          7                                                    8.93p    8.64p
                                                                                             

Continuing and discontinued                                                                  
operations                                                                                   
                                                                                             
Basic                     7                                                    7.07p    9.12p
                                                                                             
Diluted                   7                                                    7.02p    9.06p
                                                                                             
Adjusted                  7                                                    8.99p    8.47p
                                                                                             
Diluted adjusted          7                                                    8.93p    8.42p



Group Statement of Comprehensive Income
for the six months ended 30 June 2012

                                                              30 June   30 June
                                                                 2012      2011
                                                                               
                                                                  £000     £000
                                                                               
Profit for the period                                            6,914    8,866
                                                                               
                                                               -------  -------
                                                                               
Other comprehensive income                                                     
                                                                               
Exchange difference on translation of foreign                  (1,290)    4,946
operations                                                                     
                                                                               
Actuarial (loss)/gain on defined benefit pension               (3,564)      521
schemes                                                                        
                                                                               
Cash flow hedges:                                                              
                                                                               
Loss arising during the year                                     (134)    (226)
                                                                               
Less transfers to the income statement                            247      312
                                                                               
Tax relating to other comprehensive income                        825     (104)
                                                                               
                                                               -------  -------
                                                                               
Other comprehensive (loss)/income for the year,                (3,916)   5,449
net of tax                                                                     
                                                                               
                                                               -------  -------
                                                                               
Total comprehensive income for the year, net of                  2,998   14,315
tax                                                                            
                                                                               
                                                               -------  -------
                                                                               
Attributable to:                                                               
                                                                               
Equity holders of the parent                                     2,813   14,148
                                                                               
Non-controlling interest                                           185      167
                                                                               
                                                               -------  -------
                                                                               
                                                                 2,998   14,315
                                                                               
                                                               -------   ------
                                                                               

Group Balance Sheet
for the six months ended 30 June 2012

                                                        30       30         31
                                                      June     June   December 
                                              Notes   2012     2011       2011     
                                                      £000     £000       £000
                                                                              
ASSETS                                                                        
Non-current assets                                                            
                                                                              
Property, plant and equipment                    8   11,566   11,514    11,273
                                                                              
Intangible assets                                   176,133  228,610   173,776
                                                                              
Investments accounted for using the                     216      254       126
equity method                                                                 
                                                                              
Deferred tax asset                                    5,623    6,444     6,511
                                                                              
                                                    -------  -------   -------
                                                                              
                                                    193,538  246,822   191,686
                                                                              
                                                    -------  -------   -------
                                                                              
Current assets                                                                
                                                                              
Inventories                                             352      644     1,533
                                                                              
Trade and other receivables                          26,033   25,832    25,857
                                                                              
Cash and short term deposits                         14,606    9,862     7,205
                                                                              
                                                    -------  -------   -------
                                                                              
                                                     40,991   36,338    34,595
                                                                              
                                                    -------  -------   -------
                                                                              
TOTAL ASSETS                                        234,529  283,160   226,281
                                                                              
                                                    -------  -------   -------
                                                                              
EQUITY AND LIABILITIES                                                        
                                                                              
Equity attributable to equity holders                                         
of the parent                                                                 
                                                                              
Equity share capital                                 55,557   55,557    55,557
                                                                              
Capital redemption reserve                               50       50        50
                                                                              
Treasury shares                                     (1,523)  (1,258)   (1,523)
                                                                              
Foreign currency reserve                              5,881   14,445     7,171
                                                                              
Cash flow hedge reserve                               (444)    (515)     (521)
                                                                              
Retained earnings                                    22,439   61,019    22,414
                                                                              
                                                    -------  -------   -------
                                                                              
                                                     81,960  129,298    83,148
                                                                              
Non-controlling interest                                510      642       469
                                                                              
                                                    -------  -------   -------
                                                                              
TOTAL EQUITY                                         82,470  129,940    83,617
                                                                              
                                                    -------  -------   -------
                                                                              
Non-current liabilities                                                       
                                                                              
Financial liabilities                           10   60,622   64,519    53,752
                                                                              
Derivative financial liabilities                          -      337       207
                                                                              
Pension liability                               11   11,170    4,930     8,569
                                                                              
Provisions                                              744      969       766
                                                                              
Deferred tax liabilities                             36,937   37,362    35,932
                                                                              
                                                    -------  -------   -------
                                                                              
                                                    109,473  108,117    99,226
                                                                              
                                                    -------  -------   -------
                                                                              
Current liabilities                                                           
                                                                              
Trade and other payables                             34,655   33,771    31,948
                                                                              
Financial liabilities                           10    3,985    8,444     8,167
                                                                              
Derivative financial liabilities                        570      366       479
                                                                              
Tax payable                                           2,944    2,094     2,409
                                                                              
Provisions                                              432      428       435
                                                                              
                                                    -------  -------   -------
                                                                              
                                                     42,586   45,103    43,438
                                                                              
                                                    -------  -------   -------
                                                                              
TOTAL LIABILITIES                                   152,059  153,220   142,664
                                                                              
                                                    -------  -------   -------
                                                                              
TOTAL EQUITY AND LIABILITIES                        234,529  283,160   226,281
                                                                              
                                                    -------  -------   -------

Group Cash Flow

for the six months ended 30 June 2012

                                                            30 June  30 June
                                                               2012     2011    
                                                               £000     £000
                                                                             
Operating activities                                                         
                                                                             
Profit before tax                                             10,954   10,639
                                                                             
Adjustments to reconcile profit before tax to                                
                                                                             
net cash flows from operating activities                                     
                                                                             
Foreign exchange (gain)/loss                                    (66)      83
                                                                             
Net finance costs                                              1,598   1,821
                                                                             
Share of results of associates                                  (90)     (82)
                                                                             
Depreciation of property, plant and equipment                    834      771
                                                                             
Profit from sale of property, plant and                        (194)      (3)
equipment                                                                    
                                                                             
Share based payments                                             283      304
                                                                             
Difference between pension contributions paid                  (963)  (1,349)
and amounts                                                                  
                                                                             
recognised in the income statement                                           
                                                                             
Decrease in inventories                                        1,181    1,097
                                                                             
Decrease in trade and other receivables                            4    2,525
                                                                             
Decrease in trade and other payables                         (4,786)  (1,742)
                                                                             
Decrease in provisions                                          (25)      (1)
                                                                             
                                                             -------  -------
                                                                             
Cash generated from operations before                          8,730   14,063
exceptional costs                                                            
                                                                             
Exceptional costs                                              (107)        -
                                                                             
Tax paid                                                       (178)  (1,118)
                                                                             
                                                             -------  -------
                                                                             
Net cash inflow from operating activities                      8,445   12,945
                                                                             
                                                             -------  -------
                                                                             
Investing activities                                                         
                                                                             
Interest received                                                 64       75
                                                                             
Proceeds on disposal of property, plant and                      263        3
equipment                                                                    
                                                                             
Purchase of property, plant and equipment                    (1,184)  (1,242)
                                                                             
Outflow on acquisition of subsidiary                         (1,670)        -
undertaking                                                                  
                                                                             
Outflow on acquisition of radio licences                       (180)        -
                                                                             
                                                             -------  -------
                                                                             
Net cash flows from investing activities                     (2,707)  (1,164)
                                                                             
                                                             -------  -------
                                                                             
Financing activities                                                         
                                                                             
Borrowing costs                                              (2,320)  (1,916)
                                                                             
Dividends paid to equity shareholders                            (8)      (7)
                                                                             
Dividends paid to non-controlling interests                    (144)        -
                                                                             
Repayment of borrowings                                     (61,416) (11,308)
                                                                             
Proceeds from borrowings                                      65,595        -
                                                                             
                                                             -------  -------
                                                                             
Net cash flows used in financing activities                    1,707 (13,231)
                                                                             
                                                             -------  -------
                                                                             
Net increase/(decrease) in cash and cash                       7,445  (1,450)
equivalents                                                                  
                                                                             
Net foreign exchange differences                                (44)       62
                                                                             
Cash and cash equivalents at 1 January                         7,205   11,250
                                                                             
                                                             -------  -------
                                                                             
Cash and cash equivalents at 31 December                      14,606    9,862
                                                                             
                                                             -------   ------

Group Statement of Changes in Equity
for the six months ended 30 June 2012

               Equity    Capital           Foreign Cashflow             Share        Non-         
                share redemption Treasury currency    hedge Retained   holder controlling         
              capital    reserve   shares  reserve  reserve earnings   equity    interest    Total   
                                                                                                  
                 £000       £000     £000     £000     £000     £000     £000        £000     £000    
                                                                                                  
At 1 January   55,557         50  (1,258)    9,499    (581)   54,441  117,708         475  118,183
2011                                                                                              
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
Profit for          -          -        -        -        -    8,699    8,699         167    8,866
the period                                                                                        
                                                                                                  
Other               -          -        -    4,946       66      437    5,449           -    5,449
comprehensive                                                                                     
income in the                                                                                     
period                                                                                            
                                                                                                  
               ------     ------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
Total net                                    4,946       66    9,136   14,148         167   14,315
comprehensive                                                                                     
income in the                                                                                     
period                                                                                            
                                                                                                  
Share based         -          -        -        -        -      304      304           -      304
payment                                                                                           
                                                                                                  
Equity              -          -        -        -        -  (2,862)  (2,862)           -  (2,862)
dividends                                                                                         
paid and                                                                                          
payable                                                                                           
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
At 30 June     55,557         50  (1,258)   14,445    (515)   61,019  129,298         642  129,940
2011                                                                                              
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
Loss for the        -          -        -        -        - (34,585) (34,585)         248 (34,337)
period                                                                                            
                                                                                                  
Other               -          -        -  (7,274)      (6)  (2,893) (10,173)           - (10,173)
comprehensive                                                                                     
income in the                                                                                     
period                                                                                            
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
Total net                                  (7,274)      (6) (37,478) (44,758)         248 (44,510)
comprehensive                                                                                     
income in the                                                                                     
period                                                                                            
                                                                                                  
Share based         -          -        -        -        -      301      301           -      301
payment                                                                                           
                                                                                                  
Acquisition         -          -    (265)        -        -        -    (265)           -    (265)
of treasury                                                                                       
shares                                                                                            
                                                                                                  
Equity              -          -        -        -        -  (1,428)  (1,428)       (421)  (1,849)
dividends                                                                                         
paid                                                                                              
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
At 31          55,557         50  (1,523)    7,171    (521)   22,414   83,148         469   83,617
December 2011                                                                                     
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
Profit for          -          -        -        -        -    6,729    6,729         185    6,914
the period                                                                                        
                                                                                                  
Other               -          -        -  (1,290)       77  (2,703)  (3,916)           -  (3,916)
comprehensive                                                                                     
income in the                                                                                     
period                                                                                            
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
Total net                                  (1,290)       77    4,026    2,813         185    2,998
comprehensive                                                                                     
income in the                                                                                     
year                                                                                              
                                                                                                  
Share based         -          -        -        -        -      283      283           -      283
payment                                                                                           
                                                                                                  
Equity              -          -        -        -        -  (4,284)  (4,284)       (144)  (4,428)
dividends                                                                                         
paid and                                                                                          
payable                                                                                           
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------
                                                                                                  
At 30 June     55,557         50  (1,523)    5,881    (444)   22,439   81,960         510   82,470
2012                                                                                              
                                                                                                  
               ------    -------  -------  -------  -------  -------  -------     -------  -------

Notes to the accounts

1. Basis of preparation
   
The interim financial statements have been prepared in accordance with IAS34
"Interim Financial Reporting" and the Disclosure and Transparency Rules of the
Finance Services Authority.

In addition the interim financial statements have been prepared on a basis
consistent with the accounting policies set out in the Group's Annual Report
and Accounts for the year ended 31 December 2011.

These interim financial statements have been prepared on the going concern
basis as the directors, having considered available relevant information, have
a reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future.

The interim results are unaudited but have been formally reviewed by the
auditors and their report to the Company is set out at the end of this Interim
Report. The information shown for the year ended 31 December 2011 does not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006 and has been extracted from the Group's 2011 Annual Report,
which has been filed with the Registrar of Companies. The report of the
auditors on the accounts contained within the Group's 2011 Annual Report was
unqualified and did not contain a statement under either Section 498(2) or
Section 498(3) of the Companies Act 2006 regarding inadequate accounting
records or a failure to obtain necessary information and explanations.


2. Seasonality and cyclicality
   
There is no significant seasonality or cyclicality affecting the interim
results of the operations.


3. Segmental information
   
The Group operates in four principal areas of activity - radio in GB, radio in
Ireland, commercial television and new media. These four principal areas of
activity also form the basis on which the Group is managed and reports are
provided to the Chief Executive and the Board. The following is an analysis of
the revenue and results for the period, analysed by reportable segment.

Revenue

Six months ended 30 June 2012

                          Radio GB      Radio Television   New Media    Total
                                      Ireland                                
                                                                             
                              £000       £000       £000        £000     £000
                                                                             
Sales to third parties      27,862     10,821     16,878       5,990   61,551
                                                                             
Intersegmental sales           406        642      1,455          69    2,572
                                                                             
                           -------    -------    -------     -------  -------
                                                                             
                            28,268     11,463     18,333       6,059   64,123
                                                                             
                           -------    -------    -------     -------  -------

Six months ended 30 June 2011

                          Radio GB      Radio Television   New Media    Total
                                      Ireland                                
                                                                             
                              £000       £000       £000        £000     £000
                                                                             
Sales to third parties      25,141     10,976     17,158       5,828   59,103
                                                                             
Intersegmental sales           384        574      1,314           -    2,272
                                                                             
                           -------    -------    -------     -------  -------
                                                                             
                            25,525     11,550     18,472       5,828   61,375
                                                                             
                           -------    -------    -------     -------  -------

Results

Six months ended 30 June 2012

                          Radio GB      Radio Television   New Media    Total
                                      Ireland                                
                                                                             
                              £000       £000       £000        £000     £000
                                                                             
Segment operating profit     6,835      3,107      2,075         575   12,592
before exceptional costs                                                     
                                                                             
                           -------    -------    -------     -------         
                                                                             
Associate income                                                           90
                                                                             
                                                                      -------
                                                                             
Profit before                                                          12,682
exceptional costs, tax                                                       
and finance costs                                                            
                                                                             
Exceptional costs                                                       (196)
                                                                             
                                                                      -------
                                                                             
                                                                       12,486
                                                                             
Net finance cost                                                      (1,598)
                                                                             
Foreign exchange gain                                                      66
                                                                             
                                                                      -------
                                                                             
Profit before taxation                                                 10,954
                                                                             
                                                                      -------

Six months ended 30 June 2011

                          Radio GB      Radio Television   New Media    Total
                                      Ireland                                
                                                                             
                              £000       £000       £000        £000     £000
                                                                             
Segment operating profit     5,787      2,960      3,053         874   12,674
before exceptional costs                                                     
                                                                             
                           -------    -------    -------     -------         
                                                                             
Associate income                                                           82
                                                                             
                                                                      -------
                                                                             
Profit before tax and                                                  12,756
finance costs                                                                
                                                                             
Net finance cost                                                      (1,821)
                                                                             
Foreign exchange loss                                                    (83)
                                                                             
                                                                      -------
                                                                             
Profit before taxation                                                 10,852
                                                                             
                                                                      -------

4. Discontinued operations
   
Discontinued operations in 2011 relate to UTV Interactive Ltd which was closed
in February 2011.


5. Exceptional items
    
                                        30      30             
                                      June    June             
                                      2012    2011   
                                              
                                      £000    £000
                                              
International start-up       (i)      (196)      -
costs                                         
                                              
Tax credit associated                   48       -
with exceptional costs                        
                                              
Exceptional tax credit      (ii)       751      616
                                              
Exceptional tax charge      (iii)   (2,435)       -
                                              
                                    -------  -------
                                              
                                    (1,832)     616
                                              
                                    -------  -------

(i) In April 2012, talkSPORT agreed a deal with the Premier League for an
    exclusive package of international audio broadcasting rights for the next
    four football seasons. The deal will see talkSPORT become a global audio
    partner of the Premier League and broadcast commentary outside Europe on
    all 380 Barclays Premier League games in multiple languages. This deal is
    the first step in internationalising talkSPORT's brand.
   
    Production of the international output requires an expansion of talkSPORT's
    premises and also an increase its editorial and commercial teams. The total
    investment in set up and pre-launch costs is expected to be in the region of 
    £0.8 million to 31 December 2012.

(ii) In the budgets in 2010, 2011 and 2012, changes in future corporation tax
    rates in the UK were proposed for the years up to 2014. The exceptional tax
    credit of £751,000 (2011: £616,000) arises from the restatement of the relevant
    deferred tax balances to reflect the change in the UK corporation tax rate from
    25% to 24% with effect from 1 April 2012, which was substantially enacted on 26
    March 2012.

    On 3 July 2012, the revision of the UK corporation tax rate to 23% from 1 April
    2013 was substantially enacted. As a result, it is expected that the deferred
    tax will be calculated at 23% at 31 December 2012 and that a further
    exceptional deferred tax credit of £751,000 will be recognised in the second
    half of the year.

    The further proposed changes in the UK corporation tax rate have not yet been
    substantively enacted. If the proposed corporation tax rate changes were to be
    fully approved and the tax rate reduced to 22% by 2014, the relevant deferred
    tax assets and liabilities would be restated accordingly resulting in a net
    exceptional credit of approximately £1,300,000 in future periods.

(iii) In the finance bill published on 8 February 2012 and passed into law on 2
    April 2012, the rate of capital gains tax in the Republic of Ireland was
    increased from 25% to 30%. The exceptional tax charge of £2,435,000 (2011:
    £Nil) arises from the restatement of the relevant deferred tax assets and
    liabilities to reflect this.

   
6. Dividends
      
                                                       30 June  30 June         
                                                          2012     2011    
                                                                       
                                                          £000     £000
                                                                       
Equity dividends on ordinary shares                                    
                                                                       
Declared at the AGM during the period                                  
                                                                       
Final for 2011: 4.50p (2010: 3.00p)                      4,284    2,862
                                                                       
                                                       -------  -------
                                                                       
Proposed but not recognised as a liability at 30 June                  
                                                                       
Interim for 2012: 1.75p (2011: 1.50p)                    1,666    1,428
                                                                       
                                                       -------  -------

The final dividend for 2011 was paid on 16 July 2012 (2010: 15 July 2011)


7. Earnings per share
   
Basic earnings per share is calculated based on the profit for the financial
period attributable to equity holders of the parent and on the weighted average
number of shares in issue during the period.

Adjusted earnings per share are calculated based on the profit for the
financial period attributable to equity holders of the parent adjusted for the
exceptional items. This calculation uses the weighted average number of shares
in issue during the period.

Diluted earnings per share are calculated based on profit for the financial
period attributable to equity holders of the parent. Diluted adjusted earnings
per share are calculated based on profit for the financial period attributable
to equity holders of the parent before exceptional items. In each case the
weighted average number of shares is adjusted to reflect the dilutive potential
of the awards expected to be vested on the Long Term Incentive Schemes.

The following reflects the income and share data used in the basic, adjusted,
diluted and diluted adjusted earnings per share calculations:

Net profit attributable to equity holders

                                    2012                            2011              
                       Continuing Discontinued         Continuing Discontinued        
                       Operations   Operations   Total Operations   Operations   Total
                                                                                      
                             £000         £000    £000       £000         £000    £000
                                                                                      
Net profit/(loss)           6,729            -   6,729      8,912        (213)   8,699
attributable to equity                                                                
holders                                                                               
                                                                                      
Exceptional items           1,832            -   1,832      (616)            -   (616)
                                                                                      
                           ------       ------  ------     ------       ------  ------
                                                                                      
Total adjusted and          8,561            -   8,561      8,296        (213)   8,083
diluted profit/(loss)                                                                 
attributable to equity                                                                
holders                                                                               
                                                                                      
                          -------      ------- -------    -------      ------- -------

Weighted average number of shares

                                                                2012       2011
                                                           thousands  thousands
                                                                               
Shares in issue                                              95,903     95,903
                                                                               
Weighted average number of treasury shares                     (700)      (500)
                                                                               
                                                             -------    -------
                                                                               
Weighted average number of shares for basic and               95,203     95,403
                                                                               
adjusted earnings per share (excluding treasury shares)                        
                                                                               
Effect of dilution of the Long Term Incentive Plan               609        609
                                                                               
                                                             -------    -------
                                                                               
                                                              95,812     96,012
                                                                               
                                                             -------    -------

Earnings per share

                                                               2012       2011
                                                                               
From continuing and discontinued operations                                    
                                                                               
Basic                                                          7.07p      9.12p
                                                                               
                                                             -------    -------
                                                                               
Diluted                                                        7.02p      9.06p
                                                                               
                                                             -------    -------
                                                                               
Adjusted                                                       8.99p      8.47p
                                                                               
                                                             -------    -------
                                                                               
Diluted adjusted                                               8.93p      8.42p
                                                                               
                                                             -------    -------
                                                                               
From continuing operations                                                     
                                                                               
Basic                                                          7.07p      9.34p
                                                                               
                                                             -------    -------
                                                                               
Diluted                                                        7.02p      9.28p
                                                                           
                                                             -------    -------
                                                                               
Adjusted                                                       8.99p      8.70p
                                                                               
                                                             -------    -------
                                                                               
Diluted adjusted                                               8.93p      8.64p
                                                                               
                                                             -------    -------
                                                                               
From discontinued operations                                                   
                                                                               
Basic and diluted                                                  -    (0.22)p
                                                                               
                                                             -------    -------
                                                                               
Adjusted and diluted adjusted                                      -    (0.22)p
                                                                               
                                                             -------    -------


8. Property, plant and equipment

During the period the Group spent £1,271,000 on capital additions.


9. Business Combinations
   
Simply Zesty

On 5 March 2012 the Group acquired the entire issued share capital of Simply
Zesty Limited, a company incorporated in the Republic of Ireland. The total
cash consideration paid to date amounts to £1,670,000 and the fair value of the
estimated deferred consideration amounting to £3,001,000 was recognised at the
date of acquisition. In line with the terms of the share purchase agreement,
contingent consideration is payable over a five year ratchet period to 31
January 2017 based on the achievement of future EBITDA targets. The maximum
amount of future consideration payable is approximately £3,224,000.

Analysis of the acquisition of Simply Zesty

                                                 Provisional
                                                  fair value 
                                                        £000       
                                                            
Property, plant and                                       29
equipment                                                   
                                                            
Debtors                                                  354
                                                            
Bank Loans                                              (17)
                                                            
Creditors                                              (232)
                                                            
                                                     -------
                                                            
Fair value of net assets                                 134
                                                            
Goodwill arising on                                    4,537
acquisition                                                 
                                                            
                                                     -------
                                                            
                                                       4,671
                                                            
                                                     -------
                                                            
Discharged by:                                              
                                                            
Cash                                                   1.671
                                                            
Accrued consideration                                  3,001
                                                            
                                                     -------
                                                            
                                                       4,671
                                                            
                                                     -------

The above fair values are provisional pending the finalisation of the complete
fair value exercise in the second half of the year.

Included in the £4,537,000 of goodwill recognised above are certain intangible
assets that cannot be individually separated and reliably measured from the
acquiree due to their nature. These primarily relate to the expected value of
synergies arising from the integration of Simply Zesty with the Group's
existing new media business and the wider strategic benefits of the acquisition
to the Group.

Details of the revenues and profits of Simply Zesty have not been disclosed as
they are deemed to be immaterial.


10. Financial liabilities
   
  
                                                      30       30       31         
                                                    June     June December
                                                    2012     2011     2011    
                                                    £000     £000     £000
                                                                          
Current                                                                   
                                                                          
Current instalments due on bank loans              3,985    8,444    8,167
                                                                          
Non-current                                                               
                                                                          
Non-current instalments due on bank loans         60,622   64,519   53,752
                                                                          
                                                  ------   ------   ------
                                                                          
                                                  64,607   72,963   61,919
                                                                          
                                                  ------   ------   ------

The bank loans at 30 June 2012 are stated net of deferred financing costs
amounting to £1,042,000 (30 June 2011: £342,000; 31 December 2011: £249,000).

In May 2012 the Group completed an agreement in respect to the refinancing of
its bank facilities for a five year period maturing in May 2017. The new
facilities comprise a £65m Revolving Credit Facility and a €25m Term Loan
Facility. The Term Loan Facility has bi-annual repayments of €2.5m in June and
December with the first repayment due December 2012.


11. Pension schemes
   
The IAS 19 deficit at 30 June 2012 is £11,170,000 (30 June 2011: £4,930,000)
compared with a deficit of £8,569,000 at 31 December 2011. The increase is
predominately due to an increase in the benefit obligations arising from the
adoption of updated longevity assumptions following the completion of the
triennial valuation as at June 2011 and also higher than expected inflation.
Employer contributions included £1,181,000 of a discretionary contribution in
addition to normal funding during the period.


12. Related party transactions

The nature of related parties disclosed in the consolidated financial
statements for the Group as at and for the year ended 31 December 2011 has not
changed. There have been no significant related party transactions in the six
month period ended 30 June 2012.

Risks and uncertainties

The 2011 Annual Report sets out the most significant risk factors relating to
UTV Media plc's operations in the Company's judgement at the time of that
report. The Company does not consider that these principal risks and
uncertainties have changed. However additional risks and uncertainties not
currently known to the Company, or that the Company does not currently deem
material may also have an adverse effect on its business.

With respect to the risks and uncertainties identified within the Annual
Report, the Chairman's statement highlights those risks and uncertainties that
will have significant impact throughout 2012.

Statement of directors' responsibilities

The interim report is the responsibility of, and has been approved by, the
directors of UTV Media plc. Accordingly, the directors confirm that to the best
of their knowledge:

  * the condensed set of financial statements has been prepared in accordance
    with IAS 34 "Interim Financial Reporting" as adopted by the European Union;
   
  * the interim report includes a fair review of the information required by
    the Disclosure and Transparency Rules:
   
      + DTR 4.2.7R, being an indication of important events that have occurred
        during the first six months of the financial year and their impact on the
        condensed set of financial statements, and a description of the principal
        risks and uncertainties for the remaining six months of the year; and
   
      + DTR 4.2.8R, being related party transactions that have taken place in the
        first six months of the current financial year and that have materially
        affected the financial position or performance of the entity during that
        period, and any changes in the related party transactions described in the
        last annual report that could do so.
   
By order of the Board:

John McCann
Group Chief Executive
28 August 2012




Independent review report to UTV Media plc

Introduction

We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the 6 months ended 30 June
2012 which comprises the Group Income Statement, Group Statement of
Comprehensive Income, Group Balance Sheet, Group Statement of Changes in
Equity, Group Cash Flow Statement and the related notes 1 to 12. We have read
the other information contained in the half yearly financial report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.

This report is made solely to the company in accordance with guidance contained
in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our work, for this
report, or for the conclusions we have formed.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure and Transparency
Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, "Interim Financial Reporting", as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.

Scope of Review

We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the 6 months ended 30 June 2012 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.

Ernst & Young LLP
Belfast
28 August 2012