The Local Radio Company is seeking new acquisitions after a positive year, which has seen it decrease its losses. The group, led by former Jazz Fm chief executive Richard Wheatly, has decreased its losses from £18.5m last year to £8.5m for the year to September 30.
It reports a 5% dip in group turnover from £20m last year to £19.13m for 2007 but attributes this to discontinued operations. It says turnover from continuing operations has increased by £0.44m.
It adds that revenue across the market continued to decline during the first half of the year but the second half saw an increase of 3%. It says it has “outperformed” the rest of the sector due to the appeal of its 27 local radio brands to advertisers.
LRC has also been investing in its online strategy and has extended its local brands, launching new websites to encourage interactivity with online streaming and providing new advertiser opportunties.
The group notes that there are “a number” of consolidation opportunities in the local radio marketing sector and says it is well placed to integrate more stations under the LRC banner.
LRC has welcomed the Future of Radio report, published by OfCom late last month, saying tha its “validates” its view of the importance of localness.