SMG Chairman Richard Findlay has made his latest statement at the Annual General Meeting of the Scottish Media Group this morning. He reports that the company is trading is in line with expectations, and that Virgin Radio revenues have grown by 8% with particularly strong online revenue growth.
[blockquote]There has been much business activity since the Boardroom changes in February and the appointment of Rob Woodward as Chief Executive. Following renegotiation of our banking facility we have reached agreement with our banks on a renewed facility until September 2008. We have appointed a new leadership team to work with Rob; we have terminated the sale process of Primesight for the time being and are re-energising the sale of Pearl & Dean.
In addition, we have announced an IPO of Virgin Radio. We believe a flotation of Virgin Radio will create a strong and clearly focussed radio business, with a powerful brand and will provide an attractive pure play investment opportunity. Once completed, it will leave SMG with a stronger balance sheet on which to move forward and rebuild shareholder value.[/blockquote]
The company intends to announce further details of the turnaround plan for the business by the end of June as previously promised and will be announcing its interim results for the six months ended 30 June in September.
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