Media group SMG has reported a steep drop in 2001 pre-tax profits due to a decline in advertising revenue.
But SMG - the major shareholder of Scottish Radio Holdings (SRH), which has substantial media interests in Ireland - has ensured its borrowing needs until June 2003.
The media group, dogged by persistent reports of a break-up, posted 2001 pre-tax profits before exceptionals, goodwill and online losses of £36 million, from £59 million. Turnover fell to £280.8 million from £300.5 million.
SMG chief executive Mr Andrew Flanagan said the timing of an upturn in advertising remains unclear.
The group said it had lowered the value of its 29.5 per cent stake in SRH by £56.3 million to £89.3 million, reflecting the SRH share price at December 31st.
