Scottish Radio Revenues Up 16% As Partnership Talks Continue

At its Annual General Meeting Scottish Radio Holdings (SRH) today told shareholders that trading for the first three months of the financial year (October to December) showed revenues up 16%, mainly from acquisitions made the previous year. In existing business, however, revenues were flat after a particularly disappointing December when advertising demand turned out to be weaker than anticipated. January revenues across the group are expected to show a 6% like for like rise, according to chairman Lord Gordon of Strathblane.

SRH considers that businesses are performing well and is looking for to a satisfactory year. It was confirmed that SRH is continuing to hold discussions with potential partners, which may lead to an offer for the whole of the company. The group says that it is also exploring other possibilities under a review led by Goldman Sachs. Lord Gordon said that the confidential strategic review is still underway and that he expects to report the results in due course.

By 1:00pm this afternoon SRH stock had fallen slightly by 10p to 1,725p.