The Local Radio Company, which owns 28 local radio stations, yesterday confirmed it has made operating losses of £2 million in the year up to 30 Sep, but management there said they remained confident for the forthcoming financial year having refinanced the operation with £3 million in new investment.
CEO Richard Wheatly told reporters that, despite the losses, his company is in good health, especially when compared to the rest of the radio market. He said: "Our results show record audience figures, the highest we've ever had as a group, when the industry has been flat or down. We're upbeat about trading when everyone else is the opposite. We've made a loss because the market is down, but we've managed to grow the business by 2%."