LONDON (Thomson Financial) - The Local Radio Co. Plc. reported a
considerably narrower first-half pretax loss, thanks to a sharp fall in
administrative expenses, but said the prospects for the advertising market
remain uncertain in the current economic climate.
The local radio station owner posted a pretax loss of 528,000 pounds for the
six months to March 31, 2008, compared with a loss of about 9.49 million pounds
in the same half of last year. Revenues dropped to 7.96 million pounds from 8.7
million a year earlier.
The company said it has disposed six unprofitable stations, namely Bath FM,
Brunel FM, 3TR, Ivel FM, Vale FM and Pennine FM, for "nominal" amounts,
following the disposal of its Dune FM station announced on June 6.
Local Radio also said it has signed a three-year licensing agreement with
Guardian Media Group to broadcast Jazz FM on DAB, the internet and digital
television.
The company said it is confident that Jazz FM will provide a "significant
source of new revenues and future profits".
TFN.newsdesk@thomson.com
kal/ajb
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