Jazz FM Moves Into First Full-Year Profit
Jazz FM has reported its first full-year profit this morning of £134,000, up from last year’s loss of £489,000. However, the group warned that due to the recent attacks on the US and prevailing uncertain market conditions, the outlook for the coming year is very difficult to forecast.
Jazz FM has won six new digital licences, which will cost the company £121,000 this year and more than £600,000 in 2001/2. The group has also renewed its London and North West analogue licences for a further seven years, until 2009.
Jazz FM’s stations saw a 17% underlying increase in revenue across the year, on the back of improving audience levels. In its analogue broadcasts, Jazz FM currently covers 30% of the UK population. Including the reach of the digital licences, the potential coverage rises to 54%.
However, chairman Harry Roche, is keen to point out that he remains cautious about the likely speed of take-up and impact on revenues for the digital services.
Shares in Jazz FM were unchanged at 110p this morning.
