GWR has confirmed that it is also to apply for the new London FM licence currently advertised by the Radio Authority; London News Radio, 31% owned by GWR, will propose a business and sport format for the new service. Other applicants for the last London FM licence are expected to include Saga, Capital and Time Out. The deadline for the applications is July 9th.
The news came out as GWR announced pre-tax profits of £2.4 million on turnover up 50% at £21.3 million. Sales revenues and audience reach increased by 11% across the South of the country; in the Midlands revenues are 20% ahead of last year; the mid-Anglian based stations increased revenues by 40%.
With regard to the future, the trends in the Midlands, Mid-Anglia and Chiltern areas are encouraging, although London News Radio is expected to make substantial losses which will affect the Group’s results for the first two years of operation.
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