Britain's biggest radio company reported a fall in underlying first-half profit, with pre-tax profit down from 12.4m to 8.4m.
GCap also report that the Capital Radio recovery plan is on track, and the launch of thejazz is to take place on Christmas Day.
Ralph Bernard, Chief Executive of GCap Media, commented:
“During the first half, we have achieved a series of key operational goals. We have increased reach, share and hours across the One Network and entered the next phase of our recovery plan for Capital Radio with the launch of a new marketing campaign. The sale of the two Century stations has strengthened our balance sheet and given us greater financial flexibility to develop our portfolio of national brands, with two new stations set to go on air within the next six months.
“Despite a very difficult advertising market, we are confident that we are taking the right steps to align our business to a rapidly changing environment.”
Download the full PDF report by clicking [link=http://www.gcapmedia.com/assets/dynamic/14/files/statement_-front_and_back_end-_final.pdf]here[/link].