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Sport Media Group ad yield up 10% but shares down |
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Wednesday, 19 December 2007 |
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Sport Media Group Plc, the publisher of Sports Newspapers, announced a positive trading update yesterday, but still saw shares fall. At the time of writing they were down by over 6% on the day.
The group appears to be fairing well in the update (covering the four months up to 30 November), trading in line with expectations and adding 1,900 new retail outlets as distributors. This has been achieved largely by the new distribution deal for the papers through the Somerfield estate, bringing the number of outlets where readers can purchase the Sport up to 37,000. The 10% advertising fillip apparently reflects new brands such as Sky, Screwfix and Bargain Booze coming on-board. Despite this news, however, the shares continued on their now established downward trajectory, falling to a 52 week low of 54.5p. The year’s high, achieved in early March, was 92.5p. Sport Newspapers was acquired by Interactive World in a £50m reverse takeover in August. http://www.interactiveworld.com Something to add? Then leave a comment below or email us now.
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