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Sport Media Group turnover up 181% but remains cautious |
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Tuesday, 22 April 2008 |
Sport Media Group plc, which Sports Newspapers reversed into last August , announced interim figures showing turnover rising sharply to £14.4m from the previous £5.1m with underlying pre-tax profits rising by 48% from £2.2m to £3.2m.
In addition to the Daily and Sunday papers and other publications, the company generates digital content for internet and mobile channels.
During the period, Andrew Fickling, formerly MD of Sport Newspapers, was appointed chief executive officer of the group and Barry McIllheney was appointed editor in chief.
The company reported continued growth at the newspaper titles which have benefited from substantial investment although the figures take no account of the relaunch of the Daily Sport yesterday.
The total retailer base has been expanded by circa 2,000 outlets and that wasted copies had been reduced by 40%.
New advertisers have been secured including Setanta, Dial-a-Phone and Ladbrokes. A London sales house was recently appointed to help drive agency sales in the capital. The company reported that ad yield had already strengthened from £6 scc (single column centimetre) to £6.60 scc.
 Fickling
"The second-half of year was always going to be more important than the first half and is considerably more significant with respect to the full year expectations. The combination of the delayed relaunch and the deteriorating macro economic climate has led the board to adopt a more cautious approach to the full year forecasts.
"However, the continued success we have achieved in reducing costs whilst at the same time growing distribution puts us in a strong position for growth into 2009 and beyond.”
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