SCOTTISH RADIO HOLDINGS (SRH).

Investors Chronicle, May, 2004

Companies with exposure to local regional advertising markets have been enjoying decent trading conditions recently. During the period, Scottish Radio's dominance of the Irish and Scottish radio markets helped it enjoy 13 and 12 per cent increases - on a like-for-like basis - in local and national advertising revenues, respectively. But Scottish Radio's shares are not so much driven by the company's strong trading prospects, as by the likelihood that it could be taken over, especially after Emap replaced SMG as a major shareholder.

In the meantime, Scottish Radio has been doing a few deals of its own, picking up Dublin radio station FM104 for GBP18.1m last year, backed by a GBP12.6m issue of new equity. There are also a handful of new local radio licences...

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