Scottish-headquartered media group SMG is predicting 4% growth for its second quarter on the back of an improving ad sector.
“The advertising market has gradually become more stable in 2002, with a challenging first quarter, as we anticipated, being followed by an improving trend in the second,” declared chairman Don Cruikshank, who pointed to further improvement in the months ahead.
“The [soccer] World Cup has boosted May and June, particularly in TV and radio, but continued growth in July and some early but tentative signs of improvement across the remainder of the summer are evident across most of the sectors in which we operate.”
The news sent SMG’s shares up 6.4% to 140.5p ($2.11; €2.16), though they retreated a little to 138.5p on Monday morning. The group holds two regional licences for commercial television network ITV and also owns Virgin Radio, cinema ad firm Pearl & Dean and Scottish newspaper The Herald.
Data sourced from: BrandRepublic (UK); additional content by WARC staff