The chief executive of Scottish Radio Holdings (SRH), Mr Richard Findlay, who has led the company's drive into Ireland, has announced his retirement. He also revealed that its Irish assets now contribute 30 per cent of SRH's turnover.
Mr Findlay said it was the right time to hand the company over to others and his close colleague Mr David Goode would be taking over from October. Mr Goode is currently managing director (radio).
Mr Findlay said there would be no change in the company's Irish policy and it continued to look for fresh Irish acquisitions. He said Today FM chief executive Mr Willie O'Reilly continued to search for suitable purchases and this would continue.
"We are very happy with our Irish purchases and if the price is right we will complete further transactions," he said. He pointed out that SRH was still below the Broadcasting Commission of Ireland (BCI) rules which stipulate that no company can hold more than 15 per cent of all radio licences issued.
However, it warned that if too many licences were issued into the radio market, existing players might suffer. "There is always that danger. But I am sure the BCI are aware of it and hopefully they will get future changes right. I am confident they will," he said.
SRH is understood to be interested in acquiring Galway Bay FM, but UTV is also believed to have an interest in this station. The financier Mr Paul Connolly has spent the last few weeks assessing the level of interest from buyers.
Mr Findlay said he knew nothing about reports of a potential takeover bid by SRH's largest shareholder, UK media company Emap.
He said listed companies were always subject to takeover rumours, although he conceded that Emap with a 27 per cent stake were very close to triggering an automatic takeover bid.
Meanwhile pre-tax profits at SRH in the half-year to March 31st stayed flat at £6.9 million sterling, (€10.2 million) although operating profits rose 14 per cent to £10.9 million sterling. Like-for-like revenues were up 10 per cent and turnover rose 14 per cent.
