Capital Radio Releases Strong Interim Results

Capital Radio announced that its group turnover was up 14% to £59.5m for the six months to 31 March 2000. The same six months have also seen Capital win the battle for control of Border Television (see Capital Radio Wins Battle For Border), a move chief executive David Mansfield said would strengthen their “Strategy of developing a national presence.” The first closing date for the offer by Capital is 18 May.

The interim results also saw group operating profit go up to £21.3m, a 16% rise and headline profit before tax went up by 21% to £21.7m. Headline earnings per share rose 26% to 20.5p and interim dividend increased by 17% to 6p.

Capital’s radio revenue increased by 14% to £58.9m across the first half, with advertising revenues increasing by 15%, of which 6% was dot.com revenue. Capital launched its first national digital station in January this year (see Capital Launches New Digital Station On National Network). To date the company has won a total of 20 digital radio licences, including 11 digital licences for XFM on digital radio.

The internet venture, Capital Interactive (see Capital Radio Poaches BBC Online Head To Drive Internet Development), showed an increase of 39% in the first six months of its financial year. Work on new music sites is said to continuing, with a team of 50 staff in place, a retail partner appointed, software agreements reached and strategic partnerships under development. The sites are expected to go live this month.

Capital Radio: 020 7766 6000