AGM Statement
16 Juni 2010 - 10:41AM
UK Regulatory
TIDMSPMG
Sport Media Group plc
("Sport Media", "the Group" or "the Company")
AGM Statement
At the AGM of Sport Media Group plc to be held at 1pm today the following
statement will be made:
The Board is pleased to report that Group performance is broadly in line with
expectations, and positive cash flows are reducing our bank debt.
The daily newspaper has seen a recent improvement in circulation, and we are
hopeful that we can build on this trend as the summer progresses. Various
initiatives, both editorial and marketing, are being deployed, having been
designed to improve both circulation and advertising revenue. The previously
announced strategy to develop our own content generation is progressing well,
and should begin to impact positively in the second half of the year.
Trading in the Digital side of the business remains difficult, with revenues
still declining compared to the similar periods last year, and as a result
additional cost reductions have been actioned. We are, however, encouraged by
the performance of the recently established Telecoms 2 business, where revenues
are growing strongly, albeit on moderate margins, and the cross sell
opportunities to support the newspapers advertisers is developing well.
We look forward to reporting further on progress this year with our interim
results which are due for release in September.
For further information, please contact:
Sport Media Group plc
David Bailey, Chairman
Andrew Fickling, Chief Executive Officer
Neil Robertson, Group Finance Director
Tel: + 44 (0) 7836 258 558
Tel: + 44 (0) 161 236 4466
www.sportmediagroup.co.uk <http://www.sportmediagroup.co.uk>
Daniel Stewart & Company plc
Simon Leathers/Oliver Rigby
Tel: + 44 (0) 20 7776 6550
www.danielstewart.co.uk <http://www.danielstewart.co.uk>
[HUG#1424337]
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