Shareholders in stv owners can expect an unbeat presentation from the company’s chair, when they gather today for the SMG annual general meeting.
In a statement issued this morning, Richard Findlay, says he believes SMG is now able to ‘punch above its weight’, both in the UK and overseas.
He said: “As mentioned in our preliminary results six weeks ago, 2007 was a transformational year in which we rebuilt a financially stable SMG that can now develop it unique broadcasting assets and deliver the growth strategy we have promised.”
As well as stv, SMG owns Virgin Radio and cinema advertising company, Pearl & Dean.
He continued: “In terms of trading, since our last update on April 3, stv has continued to outperform the ITV network, both in national sales and in regional sales. We expect regional sales to continue double digit growth this month and in June. In radio there has been some volatility, with Q1 growth of per cent but a weaker Q2, reflecting the overall radio market. In cinema, the Q1 revenues were down ten per cent and this pattern continued in April and May, due to a weak film market. However, we expect the stronger summer film slate to deliver growth of 18 per cent in June.”
SMG has made clear it wishes to sell both Virgin and Pearl & Dean, to concentrate on television.