GWR shows 30% rise in advertising sales
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.RADIO advertising sales, both at national and local level, are growing by more than 30 per cent year-on- year at GWR, the Wiltshire-based local radio operator.
The USM-quoted company, in which the Daily Mail has a 19.2 per cent stake, produced profits up by more than a quarter at pounds 913,000 in the year to end September, a better- than-expected performance that helped to push the share price up 17p to 770p.
But Ralph Bernard, GWR's chief executive, said that the group's recent expansion - it has just added eight Midland franchises to its existing nine stations - meant it still had considerable scope for continuing to improve profits.
He said: 'The 30 per cent-plus improvement in GWR sales is not matched by our new Midlands stations, where in the same period (October-December 1994 compared with October-December 1993) sales were only up 5-6 per cent. The potential upside is considerable.'
The new stations, which have more than doubled the group's potential audience, are expected to begin making a 'significant' contribution to operating profits from the second quarter of the year.
Mr Bernard also believes that the success of the new national station, Classic FM, in which GWR has a 17 per cent holding, will be another source of growth.
'It's very well established now and is potentially going to be extremely profitable,' he said.
GWR sees the South, the West and the Midlands as continuing to form the core of its activities. But it intends shortly to make another attempt to bid for London Business Radio, with its partners, the Daily Mail & General Trust, and Reuters.
Group turnover rose by 13.5 per cent to pounds 9.8m. Earnings per share were up 16 per cent at 18.4p and the board is recommending a final dividend of 5p, giving 9p for the year, an increase of 28 per cent.
Bottom Line, page 28
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments