Jazz FM Moves Towards Profitability

Losses at radio group Jazz FM have significantly reduced and the company is on its way to profitability, according to its chairman Sir Harry Roche. Despite reporting yearly pre-tax losses of £489,000 in preliminary results for the year ending 30 June, the group show good progress compared to the same period last year (see Jazz FM Predicts Better Performance As Losses Amount), and turnover has increased to £5.1m from £2.8m for the previous nine months.

Roche said his group had come through its period of restructuring as a result of its alliance with Clear Channel International (see Clear Channel Want A Stake In Jazz FM), and is now progressing well. “For the six months ending September 2000 Jazz FM has been trading at breakeven. Depending on the overall economic environment, the company is well placed to continue its improving performance,” he said.

The increase in turnover is largely due to sales of CD’s at Jazz FM Enterprises, which houses the group’s non-airtime revenues. The division has also launched a concert business this year, with further expansion planned for 2001.

Listening hours at Jazz FM’s radio stations in London and the north-west continue to increase and the group is bidding for two further analogue licences for the West Midlands and West and South Yorkshire (see Radio Stations Appeal To The Older Generation In Bids For New Commercial Licences).

Jazz FM is now available in digital format on the Switchdigital multiplex in Central Scotland (see Switchdigital Awarded Central Scotland Multiplex) and London (see Jazz FM’s Digital Future Raises Share Price. Cool.), and the group has two websites – jazzfm.com, which generates extra revenues from sponsorship and advertising, and ejazz.fm, which works on a subscription basis.

Jazz FM: 020 7706 4100