British radio station Jazz FM yesterday moved into the black for the first time in its history, reporting a profit for the fiscal year.
Buoyed by stronger-than-expected ad revenue and healthy results from its compact disc sales arm, the station posted £134,000 in pre-tax profits and a 57% jump in turnover to £8 million for the twelve months to June.
However, chief executive Richard Wheatly sounded a note of caution, warning that the imminent outlook was cloudy. “In the light of the recent tragic events in the US and given the current uncertain market environment it is difficult to express an opinion on future prospects with any degree of certainty,” he stated.
Despite growth in ad revenues “in the double digits” during the first quarter of the station’s new fiscal year, “It’s difficult to say what October will be like,” warned Wheatly.
“I’m cautiously optimistic that as a small niche operator that did not benefit from the dotcom boom as others did we’re not likely to be hit so hard from the downward swing.”
News source: MediaGuardian.co.uk