Britain's biggest commercial radio group, GCap Media, has announced year on year profits are down 35 percent to 14.4 million pounds, despite seeing an improvement in the advertising market. The figure includes offloading the Century stations to GMG Radio in October 2006.
Excluding the Century sale, revenue was down 7 percent at 193 million pounds. The company are investing over five million pounds in Interactive, new station launches and other brands, according to the announcement released today.
GCap Media Chief Executive, Ralph Bernard commented:
`In the past year we have made considerable progress towards our strategic objectives, consolidating our audiences and revenues and preparing the business for growth. We have also achieved further cost savings, ensuring the business is run as efficiently as possible.
`We have invested in our key stations, particularly in Capital 95.8, stabilising audience figures across the Group. We have initiated a significant upgrading of our online offering to further our strategy of leveraging our brands across multiple platforms. The market remains difficult to predict but we have seen an improving trend in advertising revenue performance and we outperformed the market in the last quarter of the financial year.'
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