CFM started broadcasting to Carlisle and West Cumbria in April 1993 and has been an undoubted success story. It broadcasts to a population of 230,000 of whom 47% listen each week. The most recent RAJAR audience survey to March 2001 showed:
· Weekly reach: 47%
· Average hours listened per week: 14.7
· Total weekly listening hours: 1,577
· Share of listening: 31.4%. In terms of share of listening in its own area, this places CFM in the top ten local radio stations in the UK.
CFM has been profitable since 1995 and has annual turnover of approximately £1m. Its prospects are good and the acquisition is expected to be earnings-enhancing for SRH.
SRH has paid £3.15m in cash to acquire the 60% shareholding and at date of acquisition CFM had cash resources of £0.4m. SRH has no bank borrowings and at 31 March 2001 had cash resources of £27.5m.
CFM is run by Managing Director, Cathy Kirk, who was previously Marketing Manager at Radio Forth in Edinburgh, also owned by SRH.
CFM Radio broadcasts 24 hours a day from Carlisle to Cumbria and Southwest Scotland. Playing The Best Mix of Music, with local news and competitions. CFM also have a split transmission system which accomodates different breakfast shows for the east and west of Cumbria. Advertisers can also use this system to target specific parts of the CFM transmission area.
