Jacaranda FM and East Coast Radio are majority owned, while

Kagiso Media has minority stakes in OFM (Free State), Gagasi 99.5 (Durban) and Heart 104.9 (Cape Town) and an economic stake in Kaya FM (Johannesburg).

Operating environment

Although the South African economy improved during the year, advertisers have remained cautious with their spend as reflected in total advertising revenue for the industry which has not recovered to 2008 levels. In particular, the industry experienced a slow down immediately after the 2010 FIFA World Cup in June 2010. In some segments of the market, deep discounting was evidenced, but Kagiso Media's radio stations held reasonably firm.

Performance

Against his backdrop, the radio stations maintained their revenue. Jacaranda showed single digit growth in line with a higher market share in Gauteng. East Coast Radio was marginally down on the prior year but has ramped up its trade marketing spend to reverse this trend.