Macquarie Radio Network has posted a record net profit in 2009-10 and expects double-digit growth in the current year after a strong start.
The company said net profit for the 12 months to June 30 rose 2678 per cent to $6.17 million, compared with $222,000 in the prior corresponding period.
On a normalised basis, Macquarie Radio said net profit rose 113 per cent.
Prior year figures were adjusted to exclude the impact of a one-off cash payment of $4.5 million to "secure the long term services" of breakfast broadcaster Alan Jones and the impairment of website assets, Macquarie said.
"All profit numbers exceed MRN's previous record profits recorded in 2006," Macquarie Radio said in a statement today.
Macquarie Radio executive chairman Russell Tate said the 2009-10 figures were an "excellent result" and that the business had outperformed all expectations.
"We have begun the new financial year strongly and our July and August revenues are well ahead of prior year numbers," Mr Tate said in a statement.
"At this stage we are confident of achieving at least 10 per cent growth in our consolidated full year earnings."
Macquarie Radio owns Sydney radio stations 2GB and 2CH.
It is also in a joint-venture with Pacific Star Network Ltd on new Melbourne talk station MTR 1377.
The Melbourne station began broadcasting in April this year and Macquarie Radio's results included a "$405,000 NPAT... loss".
While the station has begun with disappointing ratings battling against dominant talk stations 3AW and 774 ABC Melbourne, Mr Tate said he was extremely pleased with the quality of the new station's on-air product.
"As expected listening habits established over 20 years are not quickly broken and it will take time and investment to build our audience to levels which will make MTR 1377 sustainably profitable," Mr Tate said.
AAP