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Local Radio Company

  • BY: Andrew Hore |
  • POSTED: 03/10/2008 |

Local Radio Company says its overall like-for-like revenues will be 4% lower in the year to September 2008.

Trading has been particularly tough in the last six months.

LRC has secured the licence for Jazz FM from Guardian Media Group for a three year period. The station is being launched on digital radio on 6 October. LRC’s management used to run Jazz FM when it was an independent business.

The disposal of a 64% stake in Central FM raised £575,000.

The shares slipped 0.625p to 8.5p each, which values the company at £6.11m.

The full year results will be published in December.

Portsmouth FC intends to take up its option to acquire a further 24% of its joint venture with LRC.

The joint venture owns three radio stations: the Quay in Portsmouth, Spirit FM in Chichester and Isle of Wight Radio. Portsmouth FC paid £1m for a 26% stake in the joint venture company and it has the right to increase the stake to 50% if a further £950,000 is paid. This option has been extended until 15 February 2009. 

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