Newcastle-based independent radio group, Forever Broadcasting, says it has made significant progress toward profitability since the start of the year, with record revenues and audiences in the first half.
Forever’s revenue growth came entirely from local advertising, which during the period accounted for over 90% of turnover. The Tower FM and Peak FM stations were particularly strong, with growth of 77% and 48% respectively.
In April and May, local revenue has continued to be much stronger than last year. National ad revenue, which was lower than in H1 2002, has recovered well in April and May and has mitigated the shortfall.
“Despite the well documented advertising recession and difficult trading conditions which have been exacerbated by the war in Iraq, we have made significant progress towards profitability in the [first half],” said chairman John Josephs.
Shares in Forever Broadcasting were down 4.8% at 30p by mid-morning today.
