£2.5 million pre-tax loss at Absolute Radio
Bauer Media’s latest purchase Absolute Radio has made a pre-tax loss of £2.5m in 2012, down 37.4% year-on-year.
Revenues stayed around the same at £16.71m in 2012, but bosses said the station had a good first six months but growth stalled in the second half of the year.
Adrian Robinson, the chief financial officer of Absolute Radio told MediaWeek: “2012 was a year of two halves, as they say at football matches. The Olympics affected most media organisations in some way.
“We had a buoyant first half, which collapsed in the second half. A feature of being one of the smaller stations, you tend to be able to outperform when the market is rising and struggle more when the market is struggling.”
In July this year, Bauer Media agreed with Absolute Radio owners Times of India to acquire the business, subject to regulatory clearance.
RadioToday understands plans are being drawn up to move staff from Mappin House, home of Kiss, Magic and Planet Rock, into One Golden Square, home of Absolute Radio.