Shares in radio station jazz fm soared 7% yesterday following the news that it has broken even over the past six months and should hit profitability again within the next year.
The year to September 30 saw a loss of £489,000, far less than the previous year’s deficit of £2.03 million. A rise in CD sales has also pushed turnover to almost double that of the year before.
Chief executive Richard Wheatly attributed the results to the station’s restructuring. He announced record audience numbers, anticipating higher ad revenue in the coming year.
Jazz fm has already launched digital radio broadcasts in London and will do so next year in Scotland. It also seeks digital licenses elsewhere via the MXR consortium.
Commented Wheatly, “The people who listen to jazz fm tend to be young and affluent, and so will be the first to buy [digital radio] equipment”.
News source: The Times (London)