GWR Announces Interim Profits Ahead Of Digital Launch

Radio group GWR today announced a profit of almost 10% for the six months ended 30 September. The group, which owns 37 local licences and Classic FM, reported an increase in pre-tax profits of 9.5% to £9.1 million. Turnover for the group increased by 15% to £47.5 million.

During the last six months the group has acquired Plymouth Sound (see GWR Acquires Plymouth Sound For £5.3 Million) and prepared itself for the launch of the first national commercial digital multiplex on November 15, in which the group has a 63% stake (see GWR Unveils Multi-Million Pound Digital Radio Stations Launch).

The group also secured a new eight year licence for its flagship station Classic FM (see Classic FM Gets New Licence As Radio Authority Increases Fees). The latest RAJAR figures reported a fall in ratings for the station, which were down 6% on the last period in terms of reach, despite recording its highest listening figures for the summer period (see National Radio Stations Shed Listeners During Summer).

Chairman of the group Henry Meakin looked forward to the future: “Developments in the internet industry present the Group with exciting new opportunities for us to extend our activities. The underlying growth in the UK radio industry remains strong, and GWR continues to benefit from this strength.”

Shares in the group were steady yesterday at 446˝p (see Sharewatch).

GWR Group:0171 284 3000