News blog
Sport Media Group
- BY: Andrew Hore |
- POSTED: 03/08/2009 |
Sport Media Group has increased circulation and stabilised advertising revenues at the Daily Sport.
This sparked a 0.75p recovery in the share price to 4.5p, which values the newspaper publisher at £4.36m.
Weekday sales are 18% higher than their low point in March 2009. At 85,000 copies, the figure is up by more than 6% year-on-year. Saturday sales have improved from a low of 45,000 to 55,000 copies. The Sunday Sport is selling 76,500 copies – based on a four week average.
The digital division is generating increasing business because of the higher sales of the paper.
All of this means that profit and cash generation are ahead of expectations.
Sport Media is owed £160,000 by the Dawson s distribution business that has gone into administration. These operations have been acquired by Smiths News but it is uncertain what will happen about the money owed.
Sport Media has sold loss-making Front magazine for £88,000.
House broker Daniel Stewart forecasts profits of £300,000 on revenues of £19.9m in the year to July 2009. Net debt is estimated at £11.8m.
Full year figures will be published in October.
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