Austereo has announced first half advertising revenue figures of $112.1 million on a budget of $114.3 million. The company has also announced plans to divest non-core assets and close its concert division.

The good figures were achieved through “an improvement in both the radio advertising market and Austereo’s market share. Austereo’s December sales market share was the highest in nine months. If conditions continue to be favourable, management’s full year after tax profit forecast “is in line with current market expectations.”

During December Austereo reviewed its business plan and intends to divest itself of non-core investments and instead “concentrate on increasing investment in its core broadcasting business including international territories such as Greece and Asia.”

The review has led to the closure of A-Live Worldwide, Austereo’s live concert division, where the recent Rumba! concerts lost $3.8 million pre tax. Whilst the concert business has been closed, Austereo believes it has created a very exciting Rumba! brand name and it is actively pursuing licensing opportunities.

Austereo has also advised that it is in the process of selling its 50% holding in Eye Shop and is expecting that “the sale price achieved under the process will realise a profit in excess of $3 million.”

“The policy of divestment of non-core assets will further improve the business structure and group efficiencies,” said a statement to the share market.

Austereo’s share price rose on Friday after the announcement of the news.