UBC Media is reporting a loss from continuing operations of £0.46 million or 0.24 pence per share, compared to a loss of £0.35 million or 0.18 pence per share in the same period last year.
Simon Cole, Chief Executive of UBC Media said it is a difficult time for the industry: "This has been a testing six months for UBC and I am immensely proud of the determination shown by our senior management and staff in making the tough changes necessary to position the company correctly. We have reduced our losses from continuing operations and implemented substantial savings in our central overhead which should deliver further improvement.
Our Commercial Networking division has achieved a long-cherished aim of including every major UK commercial station having signed the old GCap stations to our Network Drive service. This has all been done in the teeth of a downturn in radio advertising; the worst in five years. However, I am confident that the enlarged business we have built, when sales rates return to those we saw in March this year, will deliver significant profits.
Having closed loss making digital joint ventures at the end of last year, we have now integrated the Cliq intellectual property to provide a business-to-business service in the connected radio industry of the future. We have published significant patent applications around this software in the period and are confident of the grant of these patents in the next two years."