28th Aug 2008 07:00
Sport Media Group plc
("Sport Media", "the Company" or "the Group")
Trading Update and progress of the Strategic Review
The Board of Sport Media Group plc is pleased to announce that, subject to audit, the pre-exceptional pre-tax profits for the Group to the year ended 31st July 2008 have, as previously indicated, exceeded £6m. Despite the well-publicised issues surrounding national daily newspapers, the Board is optimistic for the Group's prospects for the year to July 2009. The Company recently appointed Murray Morse to be the Editor-in-Chief of Sport Newspapers, and since his arrival in late July the Company has seen some encouraging responses to the changes he has made. The Board looks forward to reporting on progress when the Company publishes its annual results in November.
In June of this year, the Company announced that the Chairman, Simon Hume -Kendall, wished to relinquish the Chairmanship of the Group. David Bailey, who joined the Board in March and has a broad experience in business, corporate finance and investor related issues, will become Chairman with immediate effect, and Simon will remain a non-executive Director. The Board would like to express its gratitude for Simon's leadership and is very pleased that he has agreed to remain on the Board.
Further information:
Sport Media Group plc
Andrew Fickling, Chief Executive Officer Tel: + 44 (0) 161 236 4466
Andrew Fletcher, Chief Financial Officer Tel: + 44 (0) 20 8507 6920
Daniel Stewart & Company plc
Simon Leathers/Tessa Smith Tel: + 44 (0) 20 7776 6550
Abchurch Communications
Chris Lane/Gareth Mead Tel: + 44 (0) 20 7398 7710
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