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SMG profits rise as it plans expansion

Pre-tax profits up 37% in first six months of 2000

LONDON — SMG, Scotland’s leading media company, has posted a 25% rise in pre-tax profits for the half year and plans to sell 5% of its equity in new shares to raise cash for expansion.

For the six months ended June 30, pre-tax profits were £30 million ($45 million) on sales of $229 million, up 37%. The share offering is expected to raise up to $67.5 million.

SMG owns the two ITV network stations in Scotland, Scottish Television and Grampian Television; a 25% share in GMTV in London; and production companies Scottish Television Enterprises and Ginger Television.

Television profits were up 19% to $29 million, but TV was still outperformed by SMG’s radio interests.