Forever Broadcasting, the Newcastle-based independent radio company, this morning announced an operating loss of £2.1 million from its five radio stations in the year ended 30 September 2002. Turnover at the group rose by 27% to £3.8 million during the year.
Commenting on the results, chairman John Josephs said: “Although the year was more difficult than foreseen twelve months ago, operationally good progress has been made. Our audience growth has been outstanding, particularly when considered alongside an increase in total hours listened of 35%, but advertising growth was lower than expected.”
Management buy-out The group also announced today that it is opening the way for investors – or possibly the management – to buy the company following a strategic review of its operations. Current managing director, Eric Lawrence, has been granted leave to explore the options of putting together a management buy-out (MBO). The group’s programme director and sales and marketing director would join such an MBO proposal if it were made.
Shares in Forever Broadcasting were up 2p at 26p by early afternoon today.
