UK radio group doubles profits

Shares in British radio group GWR rose more than 3% today after it said it had almost doubled profits last year.

GWR, which owns Classic FM and 33 local radio stations in the UK, saw its stock climb 8.25p to 253.25p after it said pre-tax profits before one-off items and goodwill in the year to March 31 rose 99.5% to £17.1m (€25.6m).

The group said structural changes and business improvements made during the advertising downturn were paying off as the market recovered.

GWR added that it was continuing to focus on building up its digital radio business, with some 20% of its operating profits now being invested in that area.

Executive chairman Ralph Bernard described the results as excellent.

“We look forward to the future with confidence,” he said.