LOCAL RADIO

Recent Highlights seem promising


* EBITDA positive before exceptional costs

* Total revenue up 21% at #19.8m with 2% like-for-like growth, ahead of
other quoted radio groups

* Outstanding performance by First Radio Sales (FRS) with national sales
up 11% against market forecast down 1%

* FRS joint venture with UTV established fourth largest national sales
point representing 13% of local commercial airtime

* 5 licence wins, Blackburn, Durham, Barrow, Swindon, Northallerton

* Enterprise division summer concert series established

* On budget for October and November 2005