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.
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.