Absolute Radio today reported a dramatic reduction in losses for the group in 2010, reflecting significant progress, despite an exceptionally difficult and uncertain economic climate and a nervous advertising market.

Financial statements for 2010, filed today, show the group slashed its losses by more than 58%, to £5.973m as compared to £14.486m in the previous year.

The news follows a string of recent positive news from the team at One Golden Square. First came the announcement last week by Times of India CEO Ravi Dhariwal that it had completed its strategic review with a wholehearted endorsement of the business as it continues its ambitious digital growth plans.

We also announced we have achieved revenues up 32% year on year in Q3 2011, outperforming the national radio market by 17 percentage points.

The 2010 annual report provides further details of the investments in content made in 2010 including:

• The acquisition of exclusive live commentary rights for key Barclays Premiership matches on Saturday afternoons for three years commencing with the 2010/2011 season.

• The launch of new services Absolute Radio 90s, Absolute Radio 00s and Absolute Radio Extra, to complement the group’s existing services Absolute Radio, Absolute Classic Rock and Absolute 80s.

The report outlines that as a result of content & digital investment, by the end of 2010 Absolute Radio’s reach had increased 33% year on year to 2.223 million adults with hours increasing by 27% to 15.867 million. Further significant progress has been recorded with reach increasing a further 30% to 2.897 million adults and hours increasing a further 53% to 24.304 million (RAJAR Q2 2011)

Commenting on the results, Absolute Radio Chief Executive Donnach O’Driscoll noted: “2010 was a significant year in the history of One Golden Square and the business is currently reaping the rewards of the investment decisions we made last year. Capitalising on the momentum and driving significant growth in revenues has been the key priority for us in 2011, and we are achieving that and beating the market.”

The report also saw the board welcome the June 2010 Digital Economy Act, which provides the legislative framework for the planned switchover from analogue to digital broadcast.

Absolute Radio will do everything it can to accelerate the pace of digital switchover with the dual benefits of an improved listening experience for consumers and reduced distribution costs for the industry. The report confirms that, in April 2011, the financial terms offered by OFCOM for the renewal of Absolute Radio’s national AM licence were accepted by the group.