A slimmed-down UBC Media returned to profit in the full year ended 31st March, as it reduced its exposure to the deteriorating advertising markets and generated significant profit.
The group saw a major turnaround in profit with £5.82 million made, compared to a lost of £3.39 million the previous year. The company's bank balance is also £7m higher, thanks mostly to the sale of the Commercial Networking Division to Global Traffic Network.
The company reports that advanced negotiations are taking place with GTN to take back sponsorship and radio marketing business as part of a buy-out deal on earn-out.
Chief Executive, Simon Cole, told RadioToday.co.uk that discussion to see the return to UBC of the part of the commercial business responsible for sponsorship, promotions and marketing activity, including the fast developing area of internet video marketing, are underway.
"This part of the business made a gross profit of £139,000in the 11 months to February 2009 before the disposal," Simon said.