UTV Media has advised its shareholders this morning that losses from UTV Ireland are likely to be higher than initially expected - it has increased its projected annual loss from £3m (€4.2) to £6m (€8.4).

The company has said that audience uptake for the new Irish offering has been "slower than expected," it invested £3m in setting up the station during 2014.

UTV Ireland suffered delays securing its position on the electronic programme guides of key TV providers - this has had a knock-on effect on its negotiations with advertisers.

Changes in the currency market have also hurt the group's returns from the Dublin-based venture.

John McCann, group chief executive of UTV Media said that the Irish station needs more time, and he is confident that "UTV Ireland will emulate its older siblings and over time, build a stronger audience base."

Overall UTV Media returned an operating profit of £19.7m (€27.4m) for 2014 - 2 percent less than the previous year.

The group's pre-tax profits rose to £17.2m, and revenue increased by 8 percent to £116m, up from £107.2m in 2013.