SMG, the company formerly known as Scottish Media Group, announced today that pre-tax profits for the first half of this year have jumped 25% to over £30m, up from £24m in the same period last year. Strong performance from recent acquisitions Ginger Television and Virgin Radio was credited with adding an extra £7.5m to the group's operating profits.

CEO Andrew Flanagan had this to say about SMG's future:

"The board wishes to ensure that the company is able to finance and execute new investment and acquisition opportunities quickly, enabling it to compete more effectively in a rapidly consolidating market-place."

To this end, he announced that SMG plans to raise somewhere in the region of £45m via a share placing, in order to write down the group's £245m of debt; and also to accomplish the aims outlined above.