INVESTORS

2011 Interim accounts

Financial highlights on continuing operations *

• Pre-tax profits up by 15% to £10.9m (2010: £9.5m)
• Group operating profit up by 4% to £12.8m (2010: £12.3m)
• £14.2 m (18%) reduction in net debt over 12 months to £63.1m (2010: £77.3m)
• Group revenue maintained at £59.1m (2010: £58.8m) post World Cup
• Net finance costs down 32% to £1.8m (2010: £2.7m)
• Diluted adjusted earnings per share up by 16% to 8.64p (2010: 7.44p)
• Proposed interim dividend of 1.5p (2010: 1.00p)

Operational highlights and prospects *

• Strong market outperformance across both Radio and Television
• Revenues maintained in GB Radio despite the tough comparatives of the 2010 World Cup
• Irish Radio Revenues down by 4% in difficult market conditions with an associated profit decline of £0.2m in the first six months
• Television advertising revenue up by 4% compared to the ITV Network which was flat
• Total operating costs largely unchanged from last year with increased GB Radio content costs offset by reduced World Cup and overhead costs
• Continued significant debt reduction created by strong cash management, with 2.0 times Net Debt:EBITDA anticipated by year end
• Third quarter advertising revenue compared to the same period last year is anticipated to increase by 3 %

* As appropriate, references to profit include associate income but exclude exceptional items