Radio company Forever Broadcasting this morning said that it is seeking for further suitable acquisitions to build on its purchase this year of Surf 102.7FM in Brighton and 107.7FM The Wolf in Wolverhampton (see Forever Broadcasting Acquires The Wolf – 9 February 2001).
Announcing the company’s interim financial results, chairman John Joseph said: “We are continuing our search for suitable acquisitions, and our efforts to win new licences. We are also continuing to develop audiences and revenues at our four radio stations. Success will not be achieved overnight; we remain confident that the foundations laid in recent months will be the base on which future success is built.”
Joseph said that Surf 107.7FM was loss-making and ‘under-resourced’ when Forever acquired it; whilst it is still drawing a loss, the new management and presenters have laid the foundations for future profitability, he added. 107.7 The Wolf, meanwhile, is approaching profitability on a monthly basis.
In the six months ended 31 March 2001 Forever derived over 80% of its revenues from local advertisers. Pre-tax loss was £1.9 million, up from £466,000 last year. Loss per share dropped from 14.9p to 10.7p.
At 1:00pm today Forever Broadcasting stock was down 5p at 155p.
