Global Radio financial statement reveals pre-tax losses, operating profits and the true cost of the GMG takeover
Global Radio, owner of the Heart and Capital radio brands, has announced losses of almost £30m for the year to the end of March, following substantial payments to shareholders.
Operating profits on the other hand grew 11.4 per cent to £37.1m from £33.3m, with a 4.8 per cent year-on-year rise in revenues reported, growing from £209.4m to £219.5m.
The pre-tax loss of £29.2m is up on the £27.7m reported last year, thanks to a £67.7m charge classified as 'interest payable and similar charges' related to loans. A charge of £64.8m has also been listed on Global's financial report as 'other loans'. The company's highest paid director, believed to be owner Ashley Tabor though is unnamed on the file, received a payment of £2.04m.
Bank debt was substantially reduced from £80m to £10m as of 31 March.
Global praised its "excellent performance" against the wider commercial radio industry, which Global says its revenues grew by 1.4 per cent, compared to its 4.8 per cent.
The financial report also revealed the correct figure for the Real and Smooth acquisition last June - £69m. GMG Radio made £57.1m in revenues and £1.8m pre-tax lass in the year to the end of March.