Capital Radio has said that it expects its radio revenues to decline by 3% in the three months to March 2003, following a 6% drop in the final quarter of last year.
The group said in a trading statement this morning that the figures will result in a 5% decline in advertising revenues for the six months to 31 March 2003.
“The short term market is very uncertain and we remain cautious regarding future advertising demand. We continue to manage the cost base of our business on the assumption that the advertising market remains under pressure for the rest of our financial year,” said the statement.
Shares in the group were down by 6.4% at 402.5p by 9.45am today.
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