World Audio finishes transmission roll out declaring $5m loss

The directors of WorldAudio have announced the completion of the construction and rollout of the Company’s National AM Broadcast Infrastructure, just a few days before the deadline to ‘use or lose’ the licences expired.

The deadline was imposed by the Communications Minister and enforced by the Australian Communications Authority after a revision of the Section 40 commercial licence regime.

45 AM transmission sites are on air in all states, which the company has funded by raising just over $17 million by issuing more shares.

According to the company’s preliminary accounts, presented to the Stock Exchange last week, WorldAudio earned $853,754 revenue from ordinary activities in 2004. It made a loss of $5.3 million this financial year, compared with a loss of $8.5 million the previous year, and did not declare a dividend.

The transmitter rollout was completed in conjunction with broadcast engineering consultants with THL (Australia) Pty Ltd. WorldAudio has entered into agreements with tower operators, Broadcast Australia Pty Ltd and Crown Castle International, to co-locate on their towers, and has also obtained its own sites.

Managing Director, Andrew P Thompson, says this is a “historic moment” in Australian broadcasting.” “The rollout of up to 45 AM broadcast sites Australia wide within the past 12 months is without doubt a major achievement. It is a testament to everyone involved in the project who have worked tirelessly to accomplish the completion before the August 29 deadline.”

Radio 2 can also be heard as a digital audio channel on the Austar/Foxtel Digital Subscription TV platform. WorldAudio is a partner in the Melbourne digital radio trial.