Suffering the ubiquitous fall in ad revenues, Scottish Media Group posted a 39% drop in pre-tax profits for 2001 to £36 million ($52.1m; €58.5m), down from £59m the year before.
The Glasgow-headquartered company – owner of Virgin Radio, Scottish Television, Herald Newspapers and cinema ad firm Pearl & Dean, among others – reported a fall in turnover from £300.5m in 2000 to £280.8m last year, while EBITDA (earnings before interest, tax, depreciation and amortization) dropped from £78.8m to £65.7m.
However, SMG added that it had renegotiated its £390m debt burden and secured its required borrowing levels until 2003, meaning it does not have to sell assets to service debt. Any offloading of its manifold units, it insisted, would reflect strategic considerations only.
Data sourced from: Financial Times; SMG; additional content by WARC staff