UTV Media fell as much as 5.1 per cent in London trading this morning after saying revenue at its TV unit declined by 6 per cent in the 10 months through October.
Overall revenues increased 6 per cent in the first 10 months. Sales at the Irish radio division increased 50 per cent on acquisitions and currency gains.
Advertisers have cut back on spending in the economic slowdown. In August, UTV said it was difficult to forecast revenue for the rest of the year.
"That uncertainty has been exacerbated by the turmoil in the financial markets over the past two months," the company said today.
UTV sank 4 pence, or 5.1 per cent, to 75 pence at 8.55am in London. The stock has dropped 66 percent this year, giving the company a market value of £71.9 million (€88.732 million).
On October 8th, UTV said it offered buyouts to workers at its TV unit.
"The positive effects of a significant cost reduction program across the group should start to be evident in the early part of 2009," the company said in the statement.
Sales in UTV's UK radio division were "in line" with the same period last year while new media revenue grew by 15 per cent in the first 10 months.
Bloomberg