Graham Parrott has quit his position as Chairman of The Local Radio Company. He has held the position for three years, but has announced today he feels now is an appropriate time to stand down from the Board. Richard Wheatly will take over the role as Executive Chairman.
In addition, John Perriss will become the senior independent non-executive for the company. The news comes in the Chairman's statement and interim results for the six months ended 31st March 2007, issued today.
TLRC reports an improvement in performance, but comments on how the past 12 months have proved challenging for the industry. Parrott said: "During the six months ended 31 March turnover was down 7% on a like-for-like basis. However, due to continued management action the operating loss for the six months before interest, depreciation, goodwill amortisation and provision for share options under FRS 20 was reduced to £535,000 compared to £594,000 for the same period last year.
"During the period under review the Company raised £2.8 million net of expenses and at 31 March had net cash of £1.8 million after repaying all of our bank debt and funding working capital."
One of the highlights of the six months for TLRC was Isle of Wight Radio winning Gold at the Sony Radio Academy Awards.
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