Global Radio reduces pre-tax losses to £31m
Global Radio, owner of Heart, Capital, Classic FM, Gold, LBC and XFM, managed to hold ad revenues steady year-on-year for the 12 months to the end of March 2010, reducing pre-tax losses to £31m.
The broadcaster will file accounts at Companies House later this week for the year to the end of March 2010.
It is also understood that trading since March has held up, despite the loss of 80% of government radio campaigns due to a COI ad freeze. COI campaigns had accounted for 8% of company's ad revenue.
The roll-out of Heart as a national network is the likely source of extra ad revenue, with Global’s accounts showing that adjusted earnings before interest, tax, depreciation and amortisation climbed from £26m to £46m.
Ad revenues remained at £180.6m while total revenues climbed to £201.4m for the year to the end of March.
The pre-tax loss of £31m is significantly down compared to the £277m reported loss for the 18 months to the end of March 2009.
The broadcaster has also announced the appointment of Paul Cooney to managing director of Capital FM’s operation in Scotland.
Best known for his work at Radio Clyde and Scotsport, Cooney has been a consultant at Global Radio for the past few months, helping to launch Capital FM in Glasgow and Edinburgh.
Cooney said: "This is the perfect time to work with the talented team at the UK's number one radio brand. I am committed to making Capital FM Scotland a station that our Scottish listeners love, the advertisers flock to and the owners are proud of."