Media360: Global Radio profits to rise 'significantly' says Miron

Global Radio, home to Heart and Capital FM, has enjoyed a strong year of growth, and is set to report profits up "significantly" in its financial results later this year, according to group chief executive Stephen Miron.

Stephen Miron: Global Group chief executive
Stephen Miron: Global Group chief executive

The chief executive noted how in the last figures filed - Global's earnings before interest, tax, depreciation and amortisation had increased by 9.3% year-on-year to £50.3m (for the year to March 2011), and said profits for year to March 2012 will be "significantly ahead".

Speaking at Brand Republic's Media360 conference yesterday, Miron provided a whistle-stop tour of how Global Radio's business had changed since he joined in 2008 from Associated Newspapers, where he was managing director of The Mail on Sunday and Mail Online.

When Global Radio's founder and executive president, Ashley Tabor, approached Miron to be the company's chief executive, Miron admitted the business was "confusing", that it had been bought for a lot of money, had a £210m mortgage and audiences were declining.

Miron said the situation had only become more challenging when Lehman Brothers collapsed. He said: "When you're sliding down the banisters of life, there is another splinter. But I bought into Ashley's vision, values and passion and bravery for the radio industry."

Global Radio rebranded the One network of 33 stations to the Heart network, built up 95.8 Capital FM, and then transformed the Galaxy network and a number of heritage stations to the Capital network, and revenues and audiences have since risen.

The restructure helped Global Radio increase Heart's advertiser count from 82 in 2008, to 227 by 2011, while revenues lifted 12%. Miron said: "Don't be put off by the naysayers. Just don't engage with them."

 

Miron said he was not going to announce what Global Radio made in the year to 31 March 2012 before he had told his staff (Global's accounts are not due until the end of the year), but that it would be "significantly higher" than the year before.

Follow Maisie McCabe on Twitter @MaisieMcCabe

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

PHD co-founder Jonathan Durden reflects 25 years on

PHD co-founder Jonathan Durden reflects 25 years on

Who knew that a global phenomenon could be spawned from such humble beginnings? PHD co-founder Jonathan Durden takes a trip down memory lane.

Share
Friday's lesson? We should all be more unprofessional

Friday's lesson? We should all be more unprofessional

What kind of time is 18:05 to you? Home time? Carry on working time? Bloody big glass of wine time? At Brand Republic we know it's often time to recoup, when the day's meetings are over and you can catch up on the most important developments of the day. Our 18:05 digest brings you the five things you need to know at the end of every day. Whether it's the top news stories, what's trending on social, what the wider media is saying or irreverent inspiration for your journey home - we've got it covered. And don't worry, we'll keep it short.

Share
#MediaWeek30 set for bumper issue and party on 29 April

#MediaWeek30 set for bumper issue and party on 29 April

Media Week's 30th celebrations are taking shape, offering the chance for the UK's vibrant commercial media businesses to get involved.

Share

Get news by email