The Wireless Group has today announced that operating profits have grown by 108% to over £1.1 million during the first six months of this year, driven by the ‘storming’ success of its flagship station, talkSPORT, and local radio stations.
Along with today’s interim results, plans were unveiled for a new talkSPORT Sky television channel, which will hope to piggy-back on to the success the group’s sports radio service.
Thanks to the very successful Euro 2004, which added nearly £1 million of revenue, talkSPORT delivered strong operating profit of £1.2 million from January to June 2004, on turnover which was up 32% to £7.2 million. The group’s 16 local radio stations also delivered exceptional results during the six month period, up 28% year-on-year to £3.1 million.
Chairman and chief executive, Kelvin MacKenzie said: “Business and profitability for the Wireless Group has never been better. talkSPORT is really storming along and our locals continue to produce tremendous profits.”
The successful integration of Forever Broadcasting’s three stations, Tower FM, Peak FM and The Wolf, helped contribute £0.2 million to profitability well ahead of schedule.
The outlook for the group appears to be just as rosey, with the strong performance experienced during the first half of the year set to continue into the third quarter, as talkSPORT revenues are expected to be up by 18% and 43% in August.
MacKenzie added: “This has been another successful six months for the group and one in which we have consolidated the performance for the future. We look forwared to the future with confidence.”
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