SMG is understood to have postponed plans to float Virgin Radio this autumn, adding that there is significant interest in the business.
The group has also appointed Richard Huntingford as executive chairman of Virgin Radio.
SMG revealed plans to float the radio business in April (see SMG To Float Virgin Radio), however, this has been questioned by analysts following chief executive Paul Jackson’s departure and the uncertainty in the credit market.
The group’s interim results for the first half of 2007 were also announced today, with revenues flat at £88.5 million – £100,000 down on the same period last year, whilst operating profit stood at £2.5 million, up £500,000 year on year.
Rob Woodward, chief executive, said: “Despite difficult market conditions, we have delivered to plan over the last three months, disposing of Primesight, improving Virgin Radio’s outlook and beginning the turnaround of stv, our core business.
“In TV, further cost reductions will benefit 2008. We are turning around the business, delivering on the plan communicated in June and we look forward to the future with confidence.”
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