GCap Media PLC have announced their latest trading update this morning (24th July) and report that total revenues (for the quarter ended 30th June 2006 and excluding Capital Radio) are down 3 per cent year on year, with a fall of 6 per cent this quarter.
At Capital Radio, the Board remains confident that management are taking the right steps to improve audience performance with improved presentation, music and general content across the station; with the arrival in August of a new Programme Director and the roll-out of a marketing plan.
The company said it is committed to its current strategy to deliver long term value to the business, whilst the
advertising market has been weaker than anticipated across the sector.
In the statement released today GCap said: “While we have addressed internal factors affecting revenue performance, trading in the quarter is primarily affected by a worsening advertising market. These difficult conditions look set to continue into July and August. July, which is forecast to be down 14% (down 8% excluding Capital Radio), is we believe, like June, an exceptional decrease primarily due to lower advertising spend around the World Cup.”