The company behind the failed consumer music download product Cliq has reported a gross profit of £3.73 million in the last 12 months.
The figures, excluding Cliq, also reveal group revenues of 15.54 million pounds, up 17.3 per cent.
The company is making money from its networked programming business, of which it leads the market with a 63 per cent share. New programme commissions, including orders from GMG Radio's one million pound fund, is helping to increase profit.
The sale of the Classic Gold Digital network of stations to GCap Media generated a profit on disposal of £3.54 million for the company.
Chief Executive Simon Cole said: "This has been a tremendous year for our core businesses with turnover, gross profit and operating profit all up strongly on last year. We have built a valuable market leading position in the provision of network programmes to commercial radio and our advertising revenues in the year to 31 March 2008 were up 28 per cent on the previous year.
"The year ahead will undoubtedly be a challenging one in the advertising market; However, by contrast, the order book in our commissioned programme businesses has never been stronger. Having cut back our loss making digital investments and with a good cash balance we are well prepared for the future".
Read the full Chairman's Statement [link=https://radiotoday.co.uk/news.php?extend.3608.2]here[/link].
