The Week: City News - New role for Huntingford

SMG has made a first-half loss of £8.6 million after exceptional items, and has appointed the Virgin Radio chairman, Richard Huntingford, as its executive chairman in the run-up to its planned initial public offering or disposal of the station.

Its previous chief executive, Paul Jackson, left at the end of August to join GCap Media. Virgin Radio reported an operating profit of £2.5 million in the first half of 2007, up from £2 million in the first half of 2006. But its TV division posted a 56 per cent fall in operating profits to £3.9 million, while its recently sold outdoor media business Primesight dropped 50 per cent to £800,000. Pearl & Dean continues to operate at a £300,000 loss.