Scottish Radio full-year like-for-like revenues flat
The company said in a statement a 2% fall in radio revenues had been offset by a 2% rise in revenues from its publishing operations. The sale of Score Outdoor, completed on July 25, 2002, removed the group’s only loss-making division: “The group’s remaining divisions have produced a strong revenue performance in challenging market conditions. Operating margins in press will be at a similar level to last year. In radio, operating margins will be lower than last year, reflecting both slightly lower revenues and increased marketing expenditure. Acquisitions completed during the year in both divisions are contributing in line with expectations and the full year effect will be apparent in next year's figures.
“It is encouraging that press revenues grew in the current year and, overall, radio revenues held up well. Recently, radio revenues have been more encouraging, but it remains too early to say whether the stronger performance in the last quarter presages a more sustained improvement. The Group is fortunate to generate the majority of its revenues from local sources which have largely offset the weaker national advertising conditions apparent this year. The Group's audience position and readership franchises are excellent, operating margins remain strong and SRH's long-established policy of maintaining a strong balance sheet leaves it in a position to continue to develop both divisions further. The board continues, therefore, to view prospects with confidence.
