SMG Sees No Material Advertising Recovery Until 2004
Conditions in the first five months of this year have led Don Cruickshank, chairman of SMG, to be cautious about the remainder of the media group’s year, according to the company’s AGM on Friday.
Cruickshank told the meeting that a recovery which began in the second half of last year, began to stall in the early part of 2003, although there are still some pockets of revenue growth. The war in Iraq has suppressed advertising markets and some tactical spend was pushed into the second quarter of the year, he said.
SMG has benefitted from some brighter spots in the outdoor and cinema markets, whilst television and radio have remained softer. The second half is expected to show some improvement.
“The outlook remains uncertain on the timing of a full recovery and we continue to manage our business on the basis that any material recovery in advertising markets will not occur before 2004,” said Cruickshank, echoing the consensus.
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