Announcing the first interim reports since he became chairman, Don Cruickshank summed up a “successful” six months for the Scottish Media Group. Within this period, which has seen the launch of a new newspaper, the Sunday Herald, and a new digital television channel, S2, as well as the loss of the Channel 4 rebate, SMG saw pre-tax profits grow and an improvement in turnover.
Pre-tax profits of £18 million, including exceptional items, were reported for the six months ending June 30; growth excluding exceptional items was 2%. Turnover was £111.2 million, showing an 11% rise.
The group predicts good advertising prospects for the second half of the year. Total television advertising revenues for the group increased by 3% in the first six months of this year, after the introduction of three new advertising sub-regions in January.
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