GCap Media today release their Preliminary Results for the 12 months to 31 March 2006. Their underlying Pro-forma Group Results indicate revenue is down 12.7 per cent at 220.2 million pounds with profit before tax of 22.2 million.
GCap also report the company has made annual savings of 27 million pounds whilst the relaunch of Capital Radio is on-track, and Classic FM have reached their highest revenues since 2002.
GCap Media Chief Executive, Ralph Bernard commented:
“In the past year we have created the UK?s leading commercial radio operator, carrying the cost of significant change against the background of a difficult advertising environment and audience declines at many of our stations. We have identified significantly higher cost savings than initially envisaged and realised them earlier than originally forecast.”
“Media markets are changing fast and at GCap, we are creating the strategy to deliver improved profitability by developing strong national networks and increasing audiences in the most commercially important demographics. Capital Radio is the leading London station in the key 15-44 segment and the changes we are making to programming and advertising inventory position us well for future growth. Xfm and Choice audiences continue to grow, our digital station Planet Rock has achieved record reach and share and Classic FM remains at the forefront of our strategy to challenge the BBC.”