Radio Today can exclusively report that The Local Radio Company has made a profit after the first year of ownership by UKRD.
Previously, TLRC had operating losses running at over £2m per annum but has now a profit of over £400,000 in the first full trading year since its acquisition.
The Local Radio Company, two thirds owned by UKRD Group, has ten stations within its portfolio and when combined with UKRD’s five, makes it the fifth largest portfolio of radio licences in the country. Stations include Pirate FM, 2BR, The Eagle and Minster FM.
Chief Executive Officer of UKRD Group, William Rogers, said that the results, which saw a turnaround of almost £2.5m in its operating position in just one year, had “utterly transformed the position of the company into one of profitable trading and commercial success.”
“The company has a great portfolio of stations and a fantastic group of managers and teams and I am delighted that they have delivered such a strong performance in just the first full twelve months of operations,” he said.
UKRD took over The Local Radio Company, which operated over 20 stations at one point, and sold or shut a number of non-profit making stations including Dune FM and Mix 107, and closed the head office in High Wycombe.
“The contribution that this portfolio of stations now makes to UKRD’s group of profitable businesses is growing in importance and value every week and what the team has delivered in just over a year is a stunning turnaround in fortune,” he said. “It is a remarkable story of success at a time when local commercial radio sometimes seems to be on the back foot. The teams on the ground are building great businesses and the results for this year look set to produce even better trading performances,” said Rogers.
“UKRD Group is now delivering solid improvement in audience levels across much of its combined portfolio and is knocking in strong, six figure profits month on month. Our focus on local delivery and local management is paying dividends, literally, and we aim to continue to grow our organisation in this way for the foreseeable future.”