Medium Radio Markets – Radio AM / FM – London

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 9 11   11   11   11    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 18,325,548 18,407,503 0.45 19,469,515 5.77 18,364,857 -5.67 17,192,885 -6.38 -1.6
National Time Sales 5,623,249 6,163,198 9.60 5,816,975 -5.62 6,101,489 4.89 5,996,603 -1.72 1.6
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 39,574 0 -100.00 16,477 n/a 0 -100.00 0 n/a -100.0
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 310,897 422,239 35.81 378,146 -10.44 72,484 -80.83 76,059 4.93 -29.7
Total Revenue 24,299,268 24,992,940 2.85 25,681,113 2.75 24,538,830 -4.45 23,265,547 -5.19 -1.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 6,112,879 6,286,987 2.85 6,939,469 10.38 7,090,738 2.18 6,842,841 -3.50 2.9
Technical 742,756 955,273 28.61 929,931 -2.65 929,961 0.00 884,644 -4.87 4.5
Sales and Promotion 6,173,656 6,335,999 2.63 6,768,820 6.83 6,581,994 -2.76 6,205,486 -5.72 0.1
Administration and General 4,459,406 4,824,929 8.20 5,132,134 6.37 5,144,105 0.23 4,511,694 -12.29 0.3
Total Expenses 17,488,697 18,403,188 5.23 19,770,354 7.43 19,746,798 -0.12 18,444,665 -6.59 1.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 6,810,571 6,589,752   5,910,759   4,792,032   4,820,882    
Depreciation 726,984 741,918   661,683   584,139   1,212,089    
P.B.I.T. 6,083,587 5,847,834   5,249,076   4,207,893   3,608,793    
Interest Expense -36,196 -51,252   13,876   36,306   94,764    
Adjustments - Gain (Loss) -18,603,026 -949,195   214,530   -11,842,306   -2,078,987    
Pre-tax Profit -12,483,243 4,949,891   5,449,730   -7,670,719   1,435,042    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 35.0 34.2   35.1   35.9   37.1    
Program and Production Expense/Total Revenue 25.2 25.2   27.0   28.9   29.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 10,120,631 10,524,396 3.99 12,011,465 14.13 11,678,277 -2.77 10,809,193 -7.44 1.7
Total Staff Count 139.9 176.2 25.98 170.8 -3.10 169.9 -0.50 163.2 -3.98  
Avg Remuneration ($)  72,342 59,716 -17.45 70,337 17.79 68,732 -2.28 66,253 -3.61 -2.2
Avg Remuneration excl. Benefits ($)  64,968 52,430 -19.30 61,472 17.25 59,900 -2.56 58,837 -1.78 -2.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 28.0 26.4   23.0   19.5   20.7    
P.B.I.T. Margin 25.0 23.4   20.4   17.1   15.5    
Pre-tax Margin -51.4 19.8   21.2   -31.3   6.2    
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