Jazz FM Predicts Better Performance As Losses Amount

Jazz FM reported a pre-tax loss of over £2 million in the latest financial results for its parent group, Golden Rose Communications, for the nine months ending 30 June. Chief executive Richard Wheatley said that performance had improved however and trading results for the current year would show an improvement.

Pre-tax loss for the group over the nine month period was £2.1 million. This included one-off costs relating to restructuring of the business, as a result of its alliance with Clear Channel International. After Clear Channel took a stake in Jazz earlier this year, the stations became the first clients for the newly-formed Clear Channel Radio Sales (see Clear Channel Want A Stake In Jazz FM). Clear Channel recently merged with Katz Radio Sales parent company AMFM in the US and it is expected that Katz and CCRS will merge operations (see Clear Channel And Katz Radio Sales Houses Set To Merge Following US Deal).

The group however recorded its highest listening figures in RAJAR results released during this period. Three million hours were recorded in the first quarter of 1999 for its London station, boosting its profile for advertisers. Turnover also increased by 14% to £2.8 million, a quarter of which was generated by the company’s spin-off division, Jazz FM Enterprises.

The group has also decided to change its name from Golden Rose Communications Plc to Jazz FM plc to more accurately reflect the company’s business.

Jazz FM: 0171 706 4100