Scottish Radio Holdings plc

Announcement of Interim Results 2003

For a full breakdown of the announcement in word format click here

Financial Highlights
for half year to 31 March 2003

      ·  Turnover from continuing operations up 28% to £41.5m (2002:  £32.4m)                  with like-for-like revenues up 7%

      ·  EBITDA* from continuing operations up 38% to £10.8m (2002:  £7.8m)

      ·  Group operating profit** from continuing operations up 41% to £9.6m (2002:                  £6.8m)

      ·  Adjusted earnings per share up 56% to 18.9p (2002:  12.1p)

      ·  Interim dividend lifted 8% from 6.0p to 6.5p

      ·  Net borrowings of £36.2m representing gearing of 31%

* Earnings before interest, tax, depreciation and amortisation

 ** Excluding goodwill amortisation under FRS 10

Operational Highlights

     · Radio – revenues up 33% from continuing operations
     · Press – revenues up 21% from continuing operations
     · Five digital multiplexes now operational
     ·Strong start to trading in the second half

Commenting on the results, SRH Chairman, Lord Gordon of Strathblane CBE, said:

“The strong first half growth in revenues and operating profits in both radio and publishing is extremely encouraging.  SRH is well placed for continued growth with its market leading radio companies in recognised geographical marketing areas and well-established local press titles.  Trading in the second half has also started strongly, underpinning the Board’s expectation of a good result for the year as a whole”