Absolute Radio reports loss
TIML, parent company of Absolute Radio, has reported a lost of £2.7 million for 2008, before tax.
It was of course the year which saw the station change ownership and identity as Virgin Radio made way for Absolute.
The station had operating costs of £24.7m compared with revenue for the year in total at £22m. The total loss, after tax, was £1.9m. Exactly as planned, says the station.
Adrian Robinson, Absolute Radio Chief Financial Officer: “This is exactly where we thought we would be at the end of 2008. The strategy has been to invest heavily in the national launch of Absolute Radio and in the product. We have made new talent signings like Frank Skinner, made a substantial investment in launching and marketing the new brand and continued innovation in the digital space, such as the recently announced dabbl and comparemyradio.com initiatives.
"This up front investment means short-term losses. However, we are building a successful digital company for the long-term.”