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SMG suffers profits slump and new asset writedown

SMG chief executive Rob Woodward insisted the company's recovery plan is "bang on track" yesterday, despite a slump in profits and another write-down in the value of plum asset Virgin Radio.

SMG chief executive Rob Woodward insisted the company's recovery plan is "bang on track" yesterday, despite a slump in profits and another write-down in the value of plum asset Virgin Radio.