Scottish Radio Sees First Half Broadcast Revenues Up 5%

SRH’s trading statement is the latest in a round of radio company updates and shows that the group is outperforming its peers. Capital Radio said that its airtime revenues would be down by 5% in the six month period (see Capital Sees Revenues Down 5% In First Half), whilst EMAP expects a 3% rise (see EMAP Cautious As 2002 Revenues Rise 2%). GWR Group gave its Q4 revenue estimate at -3.9% (see GWR Sees Radio Revenues Down By 3.9% In Q4).

SRH says that total group revenues, excluding acquisitions, will be up 4%, incorporating a 3% rise in press spend. Including acquisitions, radio and press revenues are estimated to be a healthy 24% ahead of last year.

Radio The 5% rise in radio broadcast revenues in the group’s H1 comprises an 8% growth in national revenue and a 3% growth in local revenue; sponsorship and promotions income increased by 4%. Including acquisitions, radio broadcast revenues for the half are estimated to be 32% up year on year.

SRH has 23 wholly and partly-owned radio services and operates 5 digital radio multiplexes.

Score Press The group’s Score Press publishing division is expected to see a 3% revenue rise in H1. Advertising revenues will show an increase of 5%, whilst circulation revenues and other income are pretty much flat year on year. Including acquisitions, press revenues are estimated to be 13% ahead of H1 2001.

The Score Press division publishes 43 local weekly newspaper titles.

Outlook SRH says it has had an encouraging first six months, with good performances from both the radio and press divisions. However, in line with the outlook from other media groups, the company says that it remains too early to forecast how the full year will turn out.

The interim results for this period are expected to be announced on Friday 23 May 2003. Shares in Scottish Radio were unchanged at 575p at 10.00am.