SMG has reported a pre-tax profit of £4.2 million for the first half of 2008, with revenue falling to £75.6 million, compared with £88.9 million in the first half of last year.
Operating profit was down from £6.9 million to £5.4 million over the same period.
The Scottish media company also reported 14% year on year growth in regional TV revenue for the six months ending June 30, adding that it remains on track to hit its full year targets.
SMG Group – including revenues from the now sold Virgin Radio and outdoor ad company Primesight and its Pearl & Dean cinema advertising business – managed to reduce its half-year loss year on year from £41.6 million to £11.9 million.
The first half of the year also saw Pearl & Dean’s year-on-year revenue fall £1 million to £8.3 million.
STV’s revenue was flat year on year at £56 million, while operating profit was up by 26% at £4.9 million.
Richard Findlay, SMG chairman, said: “We have made great progress on our 2008 targets and despite challenging market conditions we remain confident of our ability to achieve the goals we set out and that our core television business will continue to move forward in line with our growth strategy.”
Rob Woodward, SMG chief executive, said: “SMG is now operationally lean, commercially focussed and creatively successful. We are outperforming in difficult market conditions and well positioned to deliver the Broadcasting, Content and Ventures growth we have promised.”
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