The Local Radio Company, which owns over 30 local radio stations, has said it is expecting May to deliver its biggest improvement in revenue since 2005, making the firm "cash positive" for the first time in two years.
Buoyed by recent RAJAR figures, where their stations bucked trends in the local commercial radio market and increased audiences, the company's CEO, Richard Wheatly, told reporters: "The advertising market went down in a big way during 2006 but we now feel confident for the remainder of this financial year. We will now keep moving forward with good momentum and keep an eye out for appropriate acquisitions at the right price".
The company also announced that chairman Graham Parrott was standing down after three years. As I understand it, he won't be replaced, rather, Wheatly will become Executive Chairman.