Scottish Radio Holdings profits up 12% to €19m

SCOTTISH Radio Holdings, the parent company of Today FM and a number of Irish media assets, said yesterday that profits had risen by 12.7% in the last 12 months.

The company, which is rumoured to be a takeover target of rival British media group EMPA, said profits for the year ended September 30 had risen to £13.3 million (€19m).

Turnover for the year, excluding that of Dublin radio station FM104, which it bought earlier this year, rose by 12% to £93.6m (€134m).

SRH also owns the Kilkenny People, Tipperary Star, The Nationalist, Leitrim Observer and Longford Leader. The company did not break out the earnings of its Irish businesses.

Asked about repeated speculation that its largest shareholder EMAP is planning a takeover, SRH managing director David Goode said: “I’ve read with interest what [EMAP] have said. I’ve got nothing further to add to that. I think it is important to note that this is not a unique situation. We’ve had a shareholder of that size on our register for more than four years.”

Scottish Radio said the first six weeks of the current quarter have shown a 14% increase in group revenues, with like-for-like radio revenues up 6% and press revenues up 10%.

The company raised its annual dividend by 8% to 21p per share. However, the SRH share price ended the day down 1%.