Global Radio in red after payoff

BROADCASTER Global Radio has reported a £27.7m pre-tax loss due to a £63m payout to investors in the year to March, but market-beating advertising revenues boosted turnover during the same period.

The owner of stations Heart and Classic said underlying earnings increased 12.5 per cent to £56.6m, while revenues rose to £209.4m. Global Radio’s directors took a pay hit, down from £5.6m to £4.3m.