TLRC have announced a trading update ahead of the announcemen of its interim results for the six months ended 31 March 2006.
Overall revenues have increased by 1% and like-for-like revenues have fallen by 3%, which we believe is materially better than the performance of the market as a whole.
The full trading update is below:
Although it has been widely reported that trading conditions in the radio industry have been very difficult over the first six months of the Group?s financial year, I am pleased to report that The Local Radio Company has again outperformed the market. Overall revenues have increased by 1% and like-for-like revenues have fallen by 3%, which we believe is materially better than the performance of the market as a whole.
First Radio Sales, our national sales house, jointly owned with Ulster Radio, has performed very strongly with significant year on year gains.
Strategically, we are continuing to press ahead with our plans in all areas. We are launching new stations based on our licence wins, seeking acquisitions at an appropriate price, making further new licence applications and investing in the training and development of our people. We believe that this approach to growth is in the best long term interests of the business and our shareholders.
Our concert business is expected to make its first full year contribution. We have a series of large summer events planned for the second half of the year featuring artists such as James Blunt, Westlife and Simply Red.
Our management team has been further strengthened through the appointment of Sally Oldham, formerly Managing Director of Capital Radio.
Looking forward, we anticipate that trading for the next six months will continue to be challenging, with limited short-term visibility, but we will maintain our strategy with a view to making progress in the business.