REVIEW: SMG reveals pre-tax profits have dropped

SMG, the owner of Scottish TV and Virgin Radio, revealed that pre-tax profits for the year to December dropped 28 per cent to £26 million. Revenues fell from £280.8 million to £278.4 million. SMG said that Virgin Radio had been "fully exposed" to the advertising slump, with turnover down 7 per cent to £25.9 million. - General release.