UBC Media Group, owners of the Classic Gold Digital network has announced it’s Preliminary results for the year ended 31 March 2006. Financial highlights include revenues up 21.8%, from 15.96 million pounds in 2005 to 19.44 million pounds in 2006 and a loss before taxation for the year was ?234,000 (2005: ?1.16 million).
UBC have had successful technical trials for the launch of a digital radio device which allows listeners to buy music from digital stations. The company hopes to raise 3 million extra shares, with the net proceeds to be used to further the Company’s investment in its digital music download technology, including allowing listeners to buy music via a handheld mobile device, and which UBC will demonstrate live for the first time at a presentation to media research analysts today (Monday June 26th) at the Stock Exchange.
National digital station Oneword is jointly owned by UBC and Channel 4, and will shortly benefit from cross-promotion of the newly launched Channel 4 Radio. Chief Executive, Simon Cole, commented, ‘This is a company that understands the digital radio business. Our results show that the investments we have made in the last four years are now delivering profit as the face of the radio industry changes.
We believe that the pace of change will accelerate and particularly that the opportunities provided by our successful trials of music purchase from digital
radio stations have the potential to create transforming business models.
I am delighted that our existing investors and some new investors have today backed our vision of this future and that we are funded to realise the full
potential of an exciting medium.’