Global Radio has posted a pre-tax loss of £27.7m for the year to the end of March, blaming a big payout to investors. Underlying profits grew by 12.5% to £56.6m.
According to The Guardian, the Capital FM, XFM and Heart owner reported a 5.2% year-on-year increase in total revenues to £209.4m.
The pre-tax loss was down from the £32.7m deficit posted in its last FY, with a £63.2m charge classified as "interest payable and similar charges".
The firm has also written down a charge of £59.6m, classified as "other loans" - believed to be a coupon payment to shareholders.
Ad revenues increased by 6.57% year-on-year to £193.1m, ahead of the growth across the radio market of 5.9%.
Adjusted earnings before interest, tax, depreciation and amortisation, a key underlying metric of profitability, rose by 12.5% from £50.3m to £56.6m.
Total payouts to directors - includes chief executive Stephen Miron - fell from £5.6m to £4.3m.
This was largely due to a drop in payment to the highest-paid director, assumed to be founder Ashley Tabor, who received £2m - down from £3.3m in 2010/11.
Global Radio reduced its bank debt by 15%, from £92m to £80m, as at 31 March, but total staff costs rose from £50.6m to £55.8m, while the average number of employees dipped slightly from 1,069 to 1,059.