Independent Radio Reduces Losses

The Independent Radio Group, owner of six radio licences in Scotland and the north-west, yesterday posted its annual financial results for 1998. The group, which launched Wire FM at the beginning of last year, reported a reduction in pre-tax losses from £2.8 million to £2.5 million.

Group sales increased by 10% to £3.9 million, with an underlying sales growth of 16%. The post year end balance was strengthened by the sale of Mercury FM towards the end of last year to DMG (see Newsline).

John S Bateson, chairman of the IRG, commented: “IRG stations are consolidating their positions in their respective market places and we believe that the investment being made will translate into significant progress in 1999. Sales from our continuing activities, excluding 107.2 Wire FM, for the first quarter of 1999 were 25.7% higher than for the corresponding period in 1998 and we expect a continuing improvement in performance as the year progresses.”

Independent Radio Group: 01942 777666