Scottish Media Group recorded a 25% fall in annual profit in the year to December 2003, posting a pre-tax figure of £17.5 million ($31.54m; €25.67m) compared with the previous fiscal's £24.2m

SMG, parent of UK national station Virgin Radio and owner of Scotland's two largest commercial TV franchises (Scottish Television and Grampian), blamed the adspend drought and restructuring costs for its disappointing performance.

TV revenues were down 6% and radio ads fell 10%. But ceo Andrew Flanagan promised jam tomorrow to his patient investors: "The quality and consistency of bookings for the first four months of 2004 are encouraging and we are seeing growth in each media sector."

Data sourced from: BrandRepublic (UK); additional content by WARC staff