29 September 2003

Scottish Radio Holdings plc (“SRH”)

Trading Update

The Board of SRH issues today a trading update prior to the end of its financial year (30 September): SRH results for this year will be announced on 20 November 2003.

Overview

Radio and press revenues are estimated to be 18% ahead of last year.

Excluding acquisitions and disposals, like-for-like group revenues (in constant currency terms) are estimated to have increased by 5% with a 6% rise in radio revenues and a 4% increase in press revenues.

Radio

The most recently published RAJAR audience figures, covering the three months to June 2003 (excluding Republic of Ireland), confirmed SRH radio companies’ market leading positions. Radio Forth widened the gap over its major commercial competitor in Edinburgh while Radio Clyde continued its dominant position in Glasgow.

Total like-for-like radio revenues (in constant currency terms) for the twelve months to 30 September 2003 are expected to be 6% up on last year reflecting an increase of 10% in national advertising revenue; 3% growth in local advertising revenues and sponsorship and promotions income increasing by 7% (in the latter two cases against a strong performance last year).

Including acquisitions radio revenues are estimated to be 21% ahead of last year.

Across the UK and the Republic of Ireland SRH has 21 wholly-owned and 2 partly-owned radio services and operates 6 digital radio multiplexes; and has a presence on a number of other multiplexes.

Press

Like-for-like revenues (in constant currency terms) for the division are expected to have increased by 4% over last year. Advertising and circulation revenues for the year to 30 September are expected to show increases of 5% and 2% respectively with an increase in other revenues (mainly from printing contracts) of 3%.

Including acquisitions press revenues are estimated to be 14% ahead of last year.

The Score Press division publishes 43 local weekly newspaper titles.

Outlook

Our recent acquisition of GWR’s stake in Vibe Radio Services Limited means that we now have sole ownership of two important regional radio licences (Vibe 101 and Vibe FM) to add to our existing large English regional station Wave 105. With these additions SRH is well positioned in the marketplace, with its market leading radio companies in Scotland and Ireland and solid local press titles.

The Group’s two divisions have produced a strong revenue performance and in radio it is encouraging that like-for-like national advertising has increased 10%. The immediate outlook for growth in our national advertising revenue is encouraging.

The Board continues to view prospects with confidence and believes that the company remains in a strong position to grow the two divisions both organically and by acquisition.

Enquiries:

Scottish Radio Holdings plc
Richard Findlay, Chief Executive 0141 565 2202
Alan Wilson, Finance Director 0141 565 2242

Public Relations
Gavin Anderson & Co
Byron Ousey / Ken Cronin 020 7554 1400