Underlying Profits Grow At Scottish Media Group

Scottish Media Group has today reported a sharp rise in underlying profits for the year to December 31.

Pre-tax profits fell from £61.2 million to £37 million in the year to December 31, on turnover up from £127 million to £197 million. The previous year’s figure was boosted by a one-off profit of £38 million on the sale of investments in ITN and HTV.

The results include first full year contributions from Caledonian Publishing which are described as “excellent” by Gus Macdonald, chairman of Scottish Media Group, with cost savings greater than anticipated at the time of acquisition.

Scottish’s TV turnover grew 13% to £129.5m with a 5% growth in advertising while its newspaper division, comprising The Herald and Evening Times, experienced a growth in ad revenue of 2%.

In terms of prospects, Scottish said that 1998 will be a challenging year given the competitive situation in newspaper publishing and TV but stated that it expects “further progress to be achieved during 1998.”

Scottish Media Group: 0141 300 3000