LONDON (Brand Republic) 鈥 Commercial radio station Jazz FM鈥檚 share price climbed 7% to 136p, following a sharp fall in losses to £489,000, compared with £2.03m last year, and news that it could move into profit in the coming year.
The company, which has been trading at break-even for six months, posted a turnover of £5.11m in the 12 months to June 30, almost twice that for the last year. This was attributed to surging sales of its CD business.
The station said that its CD business, which sells CDs under the Jazz FM and Hed Kandi brands, had witnessed sales three-times those from last year.
Jazz FM, which broadcasts in London and Manchester, has increased its audience figures, putting it in a strong position to attract more advertising revenue in the coming year.
Richard Wheatley, Jazz FM chief executive, said the restructuring of the station was beginning to pay off and that the company was on track to 鈥渕eet city expectations of returning to profitability during this financial year鈥.
Jazz FM recently launched itself online at ejazz.com. It is already broadcasting digitally in London and plans to broadcast digitally in Scotland next year. The station is also bidding for digital regional multiplexes through the MXR consortium.
www.ejazz.com