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SRH audience share
SRH’s announcement on the latest RAJAR audience share numbers concentrates on the gains in market share at its most important Scottish stations and its resulting market share gain in Scotland, where it went from 26.7% to 27.6% since the previous quarter.
However its total share of the UK audience only improved from 15.1% to 15.2% and this was thanks to the slight shrinking of the commercial radio market and Scottish Radio Holding’s reach and total listening hours both fell very slightly.
SRH’s performance is reasonable but given falling radio ad rates and continued loss of audience share by commercial stations to the BBC it is not good enough to drive growth. This leaves the 19× prospective PE looks a little expensive given the weak prospects compared to other ad-driven media, but that could be said for the rest of the radio sub-sector as well.
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