Jazz FM Sees First Ever Pre-Tax Profit In Interim Results

Jazz FM has reported its first ever profit before tax in its interim results for the six months to 31 December 2000. Pre-tax profit for the company reached £60,000, compared to the loss of £268,000 for the same period last year.

Turnover increased 98% during the six month period to reach £3.9m, compared to £2m in 1999. Airtime revenues for Jazz FM 102.2 and Jazz FM 100.4 grew by 18% and the total listening hours for the two stations was up by 37%.

Sir Harry Roche, chairman of Jazz FM commented, “The company is taking full advantage of potential opportunities. Against the current background of excellent audience growth and increasing airtime revenues, the dynamism of our CD business and our growing portfolio of digital licences, we are confident that we will continue to make good progress.”

During the past eighteen months, the company has been involved, through the MXR consortium, in successful bids for the North East (see Radio Authority Dishes Out Digital Licences In North East), South Wales and Severn Estuary (see MXR Wins Second Digital Licence) and West Midlands (see Newsline) digital licences. An application has now been submitted for the North West.

At 1pm today, shares in Jazz FM remained steady at £1.72½, having neither lost or gained on Friday’s closing price.

Jazz FM: 020 7706 4100 www.jazzfm.co.uk

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