In his statement at today’s annual general meeting, SMG chairman Don Cruickshank told shareholders that first quarter trading at the core television division is down around 9% on last year and stated that the higher licence payments for its ITV franchises would also be a burden.
In television, trading is down approximately 9% on the buoyant first quarter 2000 comparison whilst radio continues to trade in line with last year “which is a good result” said Cruickshank “given current trading conditions and the falling away of dot.com advertising.”
“The publishing and out of home divisions have started the year well but given the lack of visibility in the marketplace even a few weeks ahead, the group remains cautious,” he said.
SMG: 0141 300 3000
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