The company has secured £3m of new investment to support its plans to launch a service allowing consumers to download and buy music they hear on the radio in the next 12 months.
In its results for the year to March 31, the company has reduced its pre-tax loss from £1.16m last year to £234,000. It grew revenues by 22% from £16m to £19.4m.
UBC generates part of its revenues from selling ads within the network programming it supplies to the commercial radio industry. These revenues grew by 45.8% from £7.6m to £11m.
It also owns Classic Gold Digital, where revenues fell from £4.4m to £4.1m, and a joint stake with Channel 4 in national DAB station Oneword.
The company's content division has won podcast production contracts from The Times, The Sun, The Daily Telegraph, the News of the World and Channel 4. Together with its productions for BBC Radio, this increased the division's revenues from £2.9m to £3.1m.
The company also outlined plans to launch its first content subscription service in the next 12 months.
Simon Cole, the chief executive of UBC Media, said: "This is a company that understands the digital radio business.
"We believe that the pace of change will accelerate and particularly that the opportunities provided by our successful trials of music purchase from digital radio stations have the potential to create transforming business models."
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