Guardian Media Group Radio today announces its end of year trading update, which has seen revenues for its group of stations grow by 17% year-on-year and a move into profit for the first time.
The radio division of Guardian Media Group plc (GMG) has shown remarkable growth, outperforming the industry as a whole. In the financial year ended 31st March 2005 GMG Radio saw revenues from its Real Radio, JAZZFM and Smooth FM stations rise to ?24.5 million (excluding revenue from its records division Enterprise Records). This is up from ?21 million the previous year.
GMG Radio Chief Executive John Myers said: ?This is an impressive increase by any standard and given that most other major radio groups have seen their revenues slide in the last year, our group has outperformed the market by a considerable distance.?
The division?s individual stations turned in exceptional performances for the second year running:
Smooth FM in the North West, which was rebranded from JAZZFM a year ago, increased turnover by 53%
London?s JAZZFM (which rebrands as Smooth FM in June) saw revenue increase by 10%
Scotland?s No.1 commercial station*, Real Radio, reported an increase of 23%
An 11% increase in revenue was recorded by Real Radio in Yorkshire
Real Radio in Wales, the country?s biggest commercial station*, saw turnover increase by 7%
Increases in revenue from national advertisers in the year grew by 14% while GMG Radio Sales, the company?s regional sales arm, recorded an impressive increase in turnover of 72%. Sponsorship and promotions activity remains extremely buoyant ? up 30% on the year.
Guardian Media Group plc will publish its annual report for the group later in the year.
Bob Phillis, CEO of GMG Plc, commented: ?Radio is an important part of GMG?s portfolio of media businesses. We are delighted with the progress made by all 5 stations during the year and I look forward to further growth and commercial success based on these solid foundations. This will be based on further organic growth from licence applications and appropriate acquisitions as and when they become available?
GMG Radio Enterprises manages the group?s record labels, including the prestigious Hed Kandi brand. The group also operates 12 digital stations across the UK