UTV expects to invest £6m in fledgling channel UTV Ireland this year, as group revenues grew by 8% in 2014.
The Northern Irish broadcaster spent £3m setting up the channel, which launched on 1 January, including acquiring the rights to shows including ‘Coronation Street’ and ‘Emmerdale’.
In its annual results, published this week, it revealed it expects the costs associated with the free-to-air channel to double to £6m by the end of 2015.
The Northern Irish broadcaster’s generated revenues of £116m for the 12 months to 31 December 2014, up from £107.2m over the previous year. Pre-tax profits lifted slightly from £17m in 2013 to £17.2m in 2014.
Group operating profit fell marginally to £19.7m from £20.1m in 2013.
UTV’s revenue growth was largely attributed to a growth in audiences, with the broadcaster recording a 24% share of peak-time viewing, along with a strong performance from Talksport during the World Cup period.
The radio station reported an 18% uplift in revenues to £29.7m in 2014, up from £24.3m the previous year.
Talksport’s revenues are expected to dip by 2% in the first three months of 2015.
UTV Media group chief executive John McCann said: ‘Record audiences for Talksport and market leading audiences in both Irish Radio and Television underpin these results, providing confidence that our new venture UTV Ireland, will emulate its older siblings and over time, build a stronger audience base.’