The results come just weeks after the company bucked the downwards trend shown in Rajar by increasing its listening hours by 10% in a quarter.
TLRC chief executive Richard Wheatly said that because of improved audience figures and growing advertising revenue the company would be "cash positive" for the first time in two years by the end of May.
"The advertising market went down in a big way during 2006 but we now feel confident for the remainder of this financial year," said Wheatly.
"We will now keep moving forward with good momentum and keep an eye out for appropriate acquisitions at the right price."
TLRC's financial report also made reference to national sales agency First Radio Sales, in which it has a 50% stake, whose total revenues remain flat year-on-year while the national market was down overall.
The statement's author, TLRC chairman Graham Parrott, closed by confirming he would be stepping down from the board after three years.
Wheatly will become executive chairman while two new non-executive directors were brought in last November after the company re-financed. Wheatly put the decision down to "streamlining the board to save costs".
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