Sharewatch: GWR Seen In Focus Ahead Of Trading Update

GWR was seen in focus yesterday ahead of a today’s announcement that like for like UK analogue revenues are expected to rise by 8% year on year in the twelve months ending 31 March 2004. The radio group also said its overall trading outlook continues to improve with strong advance booking levels. Shares were down by 0.37% to close at 269p.

Independent News & Media, publisher of the Independent newspaper in the UK, saw shares dip by 4.95% yesterday despite announcing that pre-tax profits jumped by almost 20% in 2003 to €154.6 million. The company said there have been strong advances in both circulation and advertising revenues, up by 6.9% and 5.5% respectively.

Emap was also in the spotlight with share dipping by 2.93% after revealing earlier this week that that revenues at the company are expected to rise by 9% in its 2003 financial year. However, the cross-media group also announced the closure of J17 along with the suspension of its once iconic men’s monthly magazine, The Face (see Emap Confirms J-17 To Close And Face Suspended).

At the other end of the scale, the most positive performance in yesterday’s media market came from global research and information group, Taylor Nelson Sofres, which saw shares improve by 3.13% to finish at 198p.

Caution remained the watchword in London yesterday as early gains faded and the benchmark FTSE 100 edged nervously towards the 4.300 level with a 0.21% decline. However, the mid-cap FTSE 250 rose by 0.23% to finish at 6,148.8.

The closing prices of media company shares on Wednesday were: