Sharewatch: Maiden Falls After Poor Results

Last week brought a host of bad news to the media sector; outdoor contractor, Maiden announced its full year results revealing a pre-tax loss of £1.1 million during 2002, down from 0.2 million in 2001 (see Maiden Expands Transvision Network But Profits Dip). The stock was seen down 8.88% week on week.

Elsewhere GWR announced that it expects revenues to be down by 3.9% in the quarter to 31 March. The group warned that there is ‘no sign’ of recovery in the advertising market in 2003 (see GWR Sees Radio Revenues Down By 3.9% In Q4). The stock was seen down 7.21% week on week.

Investors also digested news from the DTI, which has given the go-ahead for Scottish Media Group to sell the Herald and its other Scottish titles to Gannett.

Overall, the media sector experienced another poor week of trading as the prospect of a drawn out and bloody conflict in Iraq weighed heavily on sentiment.

The closing prices of media company shares on Friday were: