Shares inUBCsoar after it cuts its pre-tax losses

Shares in UBC Media soared 41 per cent yesterday after the radio content supplier said its first-half pre-tax loss had narrowed by 51 per cent to &pound;258,000.<br /><br />UBC Media, the largest independent producer of radio programming for the BBC, reported group revenue up nine per cent to &pound;1.94m and announced a maiden dividend of 0.102p per ordinary share. <br /><br />Half-yearly earnings per share were 0.31p compared with a loss of 1p in the previous year.<br /><br />&ldquo;Since the start of the year UBC has completed the disposal of its Commercial Division and has begun transforming the business, using the cash from that transaction to fund acquisitions and create new earnings streams,&rdquo; said UBC chief executive Simon Cole.<br /><br />Seymour Pierce raised its revenue forecasts by six per cent to &pound;5.02m on the news, saying that the shares, now with a six per cent yield, &ldquo;look materially undervalued&rdquo;. Shares closed up 1.64p at 5.64p.