UBC Media has reported a 15% decline in revenue to £6.4 million for the six months to September 30.
The radio group blamed an “extremely challenging” few months for the fall.
UBC, one of the shareholders of 4 Digital, invested £150,000 into the digital radio consortium which was abandoned by Channel 4, its majority shareholder, last month.
UBC said that it had implemented an annual cost savings scheme totalling £500,000 a year.
Simon Cole, the UBC Media chief executive, said: “This has been a testing six months for UBC and I am immensely proud of the determination shown by our senior management and staff in making the tough changes necessary to position the company correctly.
“We have reduced our losses from continuing operations and implemented substantial savings in our central overheard which should deliver further improvement.”
As part of its cost-cutting review, UBC is combining the roles of finance director and company secretary, with the departures of Gavin Rigby and Simon Howell.
Non-executive chairman John Hodson is also stepping down. He will be succeeded by Paul Pascoe.
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