Business
Business Update
Business Update.
About this update from Stv Group Plc
[{"type":"text","content":"\n SMG PLC\n27 June 2007\n\n\n\n\n\n27 June 2007\n\n\n100-Day Business Review\n\n\nThe Board of SMG has completed its 100-day business review and will focus on\nthree components to deliver shareholder value in its turnaround plan: the sale\nof non-core assets; restructuring the TV business; and growing revenues.\n\n\nKey Highlights\n\n\n• Clear turnaround plan focusing on growing revenues through Broadcast,\n Content and Ventures with 12 KPI's for 2008 and 2010\n\n• The IPO of Virgin Radio is on track for autumn\n\n• Primesight and Pearl & Dean remain non-core\n\n• Inherited financial projections for 2007 have been revised\n\n• Approximately £1.5 million of annualised cost savings already achieved\n with a target of £2.5 million by the end of 2007\n\n• Senior management reduced from seven to three to ensure clear lines of\n accountability\n\n• Early wins through the renegotiation of Minotaur deal; the refocus of\n the PRTS campaign; and the planned introduction of an additional advert break\n in regional evening news\n\n\nRob Woodward, Chief Executive of SMG, commented:\n\n\n'We have had a very thorough look at the business and taken some short term\nremedial actions and reconfigured SMG to deliver sustainable growth. I have set\nout 12 challenging but achievable Key Performance Indicators in Broadcast,\nContent and Ventures.\n\n\nOver the next six months we will focus on the disposal of the non-core assets.\nThis will result in a content focused business that I am confident will be\nrevived and transformed to become Scotland's most influential, relevant,\ninnovative and trusted media brand.'\n\n\nThere will be a presentation for analysts at the offices of ABN Amro, 250\nBishopsgate, London EC2 today at 9am.\n\n\nFurther enquiries:\n\nSMG plc\nRob Woodward, Chief Executive Tel: 020 7882 1199\nGeorge Watt, Chief Financial Officer\nDebbie Johnston, Head of Communications\n\nBrunswick Group LLP\nJames Hogan / Simon Sporborg / Ash Spiegelberg Tel: 020 7404 5959\n\n\nIntroduction\n\n\nOverview\n\n\nThe 100-day business review process has been completed and the Board will focus\non three components to deliver shareholder value: the sale of non-core assets;\nrestructuring the TV business; and growing revenues.\n\n\nThe disposal of the non-core assets is expected to be completed by the end of\n2007 resulting in a con...