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Sport Media Group
- BY: Andrew Hore |
- POSTED: 28/08/2008 |
- COMMENTS: Add yours
Sport Media Group says that it will make profits of more than £6m in the year to July 2008.
This comes at a time when the newspaper market is tough. A relaunch of the Daily Sport earlier this year did not have as positive an effect as the management hoped.
The appointment of Murray Morse as Editor-in-Chief of Sport Newspapers in July appears to be bearing fruit. There have been “some encouraging responses to the changes he has made”.
The shares still fell 0.5p to 20.5p, which values the company at £19.9m. The dividend will be lower this year but, at an expected total of 4p a share, the prospective yield isn’t far short of 20%. The shares are trading on less than four and a half times estimated 2007-08 earnings.
Sport Media Group’s main business is Sport Newspapers, which owns the Daily Sport and Sunday Sport.
Sport Media was formed when Sports Newspapers reversed into mobile content supplier Interactive World on 5 September 2007. That deal was financed by a £43.7m (£40m net) placing at 75p a share. Interactive World joined Aim on 8 May 2006. It raised £2m at 73p a share.
David Bailey is taking over from Simon Hume-Kendall as chairman, although the latter will remain a non-executive director.
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