More mixed messages about the state of radio advertising in the UK. While the industry at large continues to talk of doom and gloom, Scottish Radio Holdings have joined Chrysalis Radio in announcing a rise in revenues. SRH, whose stations are mainly in Scotland and Ireland, saw revenues rise 6% in the last quarter of 2002. That growth goes up to 30% if you add proceeds from acquisitions into the figures.
"While it is still too early to tell how the full year might develop, we are pleased with the start to our new financial year and remain confident about the group's inherent strengths," SRH chairman told his shareholders.
Last November Chrysalis Radio announced a rise in revenues, mainly thanks to the growth of its Heart 106.2 station. However other key players in the radio industry, most prominently the Capital Group, have seen income fall with bosses airing caution with regards a short term recovery.
The SRH figures will be good news for the Scottish Media Group – Virgin Radio’s parent company which owns a 30% stake in SRH. SMG’s share price took a battering last year after it took a loss in the sale of its less than successful outdoor advertising division. The Group has indicated it will sell its stake in SRH to the highest bidder when new radio ownership legislation becomes law, and these latest performance figures will considerable increase any asking price.