The Wireless Group has reported a 74.8% reduction in operating losses, which were £2.3 million in 2002, down from £9.1 million a year earlier.
In its year-end financial results released today, the radio group’s chairman, Kelvin MacKenzie, says that he is expecting to meet the break-even target “despite some of the worst markets the industry has ever seen.”
Overall pre-tax losses doubled from £10.1 million to £20.3 million; in 2001 £22 million was realised on the disposal of discontinued operations (see Local Revenues Help Buoy Wireless Group Figures).
Current trading The company operated profitably in the first quarter of the year and the indications are that April will also be profitable.
Advertising revenues for the first four months were flat year on year, with visibility limited due to the uncertainties created by the conflict in Iraq.
Electronic audience measurement MacKenzie also said that his company has been “innovative and not afraid to embrace new ways of looking at the industry” during the year. This is a reference to Wireless Group’s new electronic audience measurement system, commissioned to provide what MacKenzie claims will be more accurate figures than offered by the current RAJAR survey.
The results from this survey will be published next month and MacKenzie is hoping that the method will be adopted by the rest of the industry.
