Ulster Television (UTV) is seeking acquisitions across all of its businesses in the wake of a failed takeover bid for rival player, Scottish Media Group (SMG) late last year.
It emerged yesterday that UTV had been part of a consortium that sought to buy out SMG for an estimated £400 million sterling (€588 million) at the end of 2003.
The approach was withdrawn when the consortium judged that SMG's share price had risen too high to offer value.
"It's history now for us. It didn't happen and it's not on the agenda," said Mr John McCann, UTV's chief executive.
Mr McCann was speaking as the media group said it had performed well against a tough market backdrop last year.
Operating profits came in ahead of analysts' expectations by climbing 4 per cent to £15.1 million before goodwill amortisation of £3.8 million.
Turnover rose by 14 per cent to £54 million, with the growth mostly reflecting growth in radio and internet operations.
Pre-tax profits moved back by 15 per cent to £9.5 million, driven down in part by higher interest charges, bigger pension contributions and a loss of about £200,000 in UK joint ventures.
Shares in UTV gained almost 3 per cent to finish at 431.5p sterling in London as the market welcomed the results.
A breakdown of the numbers showed that operating profits before goodwill fell from £12.3 million to £11.8 million in television, as higher costs for network programmes such as Coronation Street ate into the bottom line.
The company has experienced significant volatility in these network costs over the past few years, but this has now been resolved on the basis of a new deal tying the programme charges to inflation.
In radio, operating profits rose from £2 million to £2.5 million before goodwill amortisation of £2.8 million.
Radio advertising across the group's three stations in the Republic - Treaty Radio in Limerick, County Sound/96FM in Cork and Life FM in Dublin - grew by an average of 5.5 per cent in the year.
UTV chairman, Mr John McGuckian told shareholders this was "a creditable performance in relatively sluggish market conditions".
Mr McGuckian said the group was expecting growth of 4 per cent in radio advertising and 10 per cent in TV advertising over the first quarter.
The group's Dublin radio station, Lite FM, posted a loss of about £300,000 last year but has since been rebranded as Q102 in an effort to attract a wider audience.
Mr McCann said the station was on track to bring in a profit in 2005, adding that UTV remains interested in bidding for a new licence in Dublin later this year.
UTV's internet business posted operating profits of £875,000.
