TalkSport owner the Wireless Group, which recently sold off its TV assets to ITV for £100m, has reported that its pre-tax profits dropped by 10% last year.
Pre-tax profits dipped from £11.9m in 2014 to £10.7m last year.
Revenues at the broadcaster – formerly known as UTV Media – were down by almost 10% from £82.4m to £75.1m.
As well as selling its TV arm last year, the company also sold Liverpool’s Juice FM to Global Radio for £10m.
Wireless said it was looking forward to UK radio growth as a result of Euro 2016 this summer.
It also pointed to the launch of three new national radio services this month – current affairs and entertainment speech service TalkRadio, bringing back Virgin Radio and launching TalkSport 2. This came after Wireless, along with two partners, was awarded the UK’s second national DAB multiplex licence, D2.
TalkRadio’s presenters include Julia Hartley-Brewer, Jon Holmes, Iain Lee and Paul Ross.
Richard Huntingford, who will become executive chairman of the company when group chief executive John McCann retires in May, said the company was targeting “double-digit growth in the medium term”.
He said: “The new Wireless Group has a very exciting future as a focused radio business with market-leading assets, a robust balance sheet and strong management team.
“We are targeting double-digit profit growth over the medium term which should deliver both significant income and capital growth for shareholders over the coming years.”
Wireless said it returned £55m to shareholders as a result of the sale of its TV assets.
It added that the offer from ITV gave it an “opportunity to release immediate value” for shareholders as well as transferring its pension obligation.
