Media group Scottish Radio Holdings (SRH) today reported a 3 per cent drop in revenues for the past six months but said long-term prospects remained "attractive".
In a pre-close trading update, it said robust local advertising helped offset the pressure on nationally generated business, which has borne the brunt of the economic slowdown.
SRH has extensive media interests in the Republic, were it has invested more than €100 million. It owns the Longford Leader, the Kilkenny People Group and the Leitrim Observer. SRH has also invested heavily in commercial radio in the Republic and recently acquired the outstanding 74 per cent of Today FM.
It also has extensive media interests in Northern Ireland, owning Downtown Radio in Belfast and the Morton chain of local newspapers.
In commercial radio, revenues generated locally during the period rose 4 per cent on a year-on-year basis. Income from radio sponsorship and promotions between October and March was also ahead, up 13 per cent, although SRH said revenues from national campaigns slipped 9 per cent.
SRH added: "The group's long-term strategy of concentrating a large part of the sales effort on the local marketplace means that SRH is less exposed to the national advertising downturn than some companies."
The Glasgow-based group said that recent acquisitions meant that "longer-term prospects remain attractive".
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