The accounts for the first 18 months of talkSPORT ownership by News UK show profits have fallen sharply.
The Telegraph reports on the published accounts, saying the national speech station reported a pre-tax profit of £7.5m, compared with £21.2m in the prior 12 months.
Even excluding exceptional items, cash earnings fell by £4.1m to £9.1m. Revenues were £73.5m, up from £49.2m over the shorter period. The monthly average was flat and the company had a longer 18 month accounting period due to fall in line with its parent company.
A News UK spokesman told the newspaper that the accounts did not reflect all one-off costs and that advisory fees on the takeover and start-up marketing costs for new stations were recorded as operating costs, which made the drop in profits appear worse.
In Ireland, The Times reports Q102 reported a profit before tax of €62,948, down 86 per cent, whilst FM104 recorded a pre-tax profit of €2.05 million, up almost 4 per cent.
Posted on Monday, July 30th, 2018 at 12:30 pm by RadioToday UK