Media group Chrysalis - which owns two Birmingham-based radio stations - has signalled an improvement in its fortunes.
The company said yesterday current trading indicated its radio stations outperformed the rest of the industry.
Chrysalis made losses of almost £30 million in its previous financial year but told shareholders that recent trading had been in line with expectations.
The company owns Birmingham-based 100.7 Heart fm and sister station Galaxy Birmingham.
It said it "comfortably outperformed the industry" in the five months to January 31, with like-for-like revenues down two per cent in a challenging market.
Last week Chrysalis was buoyed by audience figures showing flagship station Heart 106.2 maintained its position as London's most listened to station.
In Birmingham, 100.7 Heart fm saw its weekly average listener total rise to 829,000 for the quarter, from 778,000 in the previous period.
Sister station Galaxy Birmingham saw the figure drop to 337,000 from 353,000.
A spokesman said 100.7 Heart fm's listening totals grew by 11 per cent from 6.9 million to 7.7 million hours, with Galaxy Birmingham's listening hours increasing by nine per cent from 2.7 million to 2.9 million hours.
In November, Chrysalis posted losses of £29.9 million for the 12 months to August 31, in part a reflection of the weak radio advertising market.
Chairman Chris Wright also told shareholders that Chrysalis Music, the UK record label, had performed strongly with its songwriters achieving nine of the top 20 albums in the Billboard chart.
He said sales visibility should increase later this year when OutKast and Velvet Revolver release new material.
Analyst Steve Liechti of Investec Securities said Mr Wright's comments were "positive if not sparkling" and that the company was likely meet its full year expectations, with a boost expected from the impact of the football World Cup on advertising in the second half of the year.