SRH Exceeds Expectations With Record Results
Scottish Radio Holdings has this morning reported record results for the past year, as group revenues grew by 14%, beating the group’s expectations of 9%.
For the period ending 30 September 2004, turnover was up 15% to £96.3 million, spurred on by strong revenue growth in both the radio and press divisions which was up 20% and 9% respectively.
Chairman, Lord Gordon of Strathblane said: “After another year of strong growth, we have been able to report excellent results, with outstanding performances from our two divisions – radio and press. We are very pleased with the group’s progress during the last year, which has benefited from good organic growth enhanced by a further addition in 2004.”
During the year, the group’s analogue radio sector, which has 22 wholly-owned and 2 partly-owned radio services operating across the UK and Ireland, saw like-for-like radio broadcast revenue rise by 10%, reflecting a 9% increase in national advertising revenue, 12% growth in local advertising revenue and sponsorship income growing by 7%.
Profits from SRH’s Score Press division, which has a portfolio of 45 weekly newspapers, grew by 17% to £11.2 million, while like-for-like and total revenue increased by 9% when compared to the same period last year, with advertising and circulation revenue growing by 10% and 8% respectively.
Today’s statement says that the ‘board’s prudent strategy on internet and digital developments continues to proceed to plan’, with net expenditure to September 2004 reaching £1.4 million, as the group continues to grow its six digital radio multiplexes operating across Scotland and Northern Ireland.
The board said: “These record results underline the continued and profitable expansion of the group and with strong operating margins, market-leading local radio companies and established press titles. SRH is well placed to continue to provide shareholder value through organic growth and by prudent acquisition.”
SRH looks to be starting the new financial year as well as the last one ended, as group revenues have grown by 14%, with like-for-like radio revenues increasing by 5% and press revenues up 10%.
Scottish Radio Holdings: 0141 565 2200 www.srhplc.com
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