Local radio operator UKRD says it has paid its first dividends to shareholders, just two years on from the acquisition of The Local Radio Company.
Shareholders have received a share of just under a third of a million pounds set aside by the board of the private company.
UKRD Chief Executive William Rogers told RadioToday.co.uk that the group was delivering solid levels of profitability. "Since the acquisition of The Local Radio Company almost exactly two years ago we have seen a steady and improving level of performance across the newly enlarged portfolio which has resulted in us delivering strong trading results," he said.
He added: "Strongly positive cash flows are now resulting from the successful trading our stations are delivering and we are now able to start rewarding the commitment of our shareholders for their support over recent years."
The group is the fifth largest commercial operator based on the number of stations owned, and its latest purchase was Blackburn station The Bee earlier this year.
"We have a fantastic group of committed individuals on the ground in our stations, and at the centre, and these results are a reflection of the energy they produce and our approach to delivering local radio to the communities we serve," said Rogers. "The local commercial radio model is far from broken, as some claim, and it’s a shame so much damage continues to be done by those in authority who should know better."