African Media Entertainment: Annual revenue increases by 5%

BROADCASTING company African Media Entertainment (AME) lifted revenue by 5 percent to R254.6 million in the year to the end of March and is cautiously optimistic that it will achieve at least a similar result in the current financial year. AME has five active brands – OFM, Algoa FM, United Stations, Mpower FM and Radio Heads. The group invested R19.6m in the year on the development of a site in Bloemfontein earmarked to be the new home of the Central Media Group. Subsidiary United Stations added two new station contracts to its portfolio, allowing it to grow its footprint into all major markets across the country and increase the weekly audience to 7 million listeners. Algoa FM performed well with year-on-year revenue and listenership growth. “Cost containment remains a focus area and contributes to profitability. Algoa FM scooped four MTN Radio Awards at the annual banquet,” AME chairman Connie Molusi said in the group’s annual report. He said the board was cautiously optimistic this year’s revenue would compare favourably. AME shares on the JSE yesterday ended unchanged at R101. – Banele Ginindza