Scottish Radio Holdings (SRH), today announced that group revenue for the first half of this year has jumped by 10%, spurred on by strong press and radio performance throughout the period.
Group turnover, for the period ending 31 March 2004, grew by 14% to £47.2 million, up from £41.5 million on the same period last year, with operating profit reaching £10.9 million, up by 14%.
Radio broadcast revenue was up 11%, helped along by recent acquisitions, including Dublin radio station, FM 104. Although radio revenue was up 19% on the same period last year, it fell slightly short of the groups 12% growth prediction.
The Score Press division, which publishes 45 local weekly newspapers, saw revenue rise to 7%, again falling slightly short of expectations set at 8%. Advertising revenue increased by 7%, with circulation revenues up 6%.
Chairman, Lord Gordon of Strathblane said: “When taken against a strong first half last year, these results are particularly pleasing. The good revenue performance of the first six months in both radio and press has continued into the first few weeks of the second half, the performance of recent acquisitions will also have a beneficial impact, and we look forward to the rest of the year with confidence.”
Along with the results, SRH chief executive, Richard Findlay, announced he will be retiring in September after eight years but will remain on the board as a non-executive member. Current managing director, David Goode, will take over the reigns on 1 October.
Lord Gordon said: “My tribute to Richard Findlay will properly form part of my report at the year end but at this stage I am delighted at his continuing involvement in the company, and that we have been able to recruit his successor from within our existing and experienced management team.”
The statement sums up the current trading position and outlook by saying: ‘With strong operating margins, market leading local radio companies and established local press titles, SRH is well placed for continued growth. The good first half growth in operating profits in both radio and publishing is extremely encouraging. Trading to date in the second half has shown continued growth, underpinning the board’s expectation of a good result for the year as a whole.’
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