GWR Revenues Stay Flat In First Half
Airtime revenues at GWR Group are forecast to be flat for the six months to 30 September, slightly behind the trading at Capital Radio, which saw a rise of 2% over the same period (see Capital Radio Sees 2% Revenue Decline, Tarrant Stays). In a trading statement today, GWR says that UK like for like revenues will be down 2% year on year, but within that Classic FM is up 8%.
These figures are slightly poorer than H1 forecasts from Merrill Lynch, which had predicted a 14% rise for Classic, with local sales down by 5%, giving an overall growth of 1% across the six month period (see Forecasts).
Outlook There is continued volatility in the market, says GWR, with little visibility of future revenues. Its current expectation for Q4 2002 is for modest growth overall with Classic FM showing some strength compared to the market.
The group has also announced the sale of London News Radio to Chrysalis Radio for £23.5 million (see Chrysalis Takes GWR’s LNR And Sells Galaxy 101).
Shares in GWR Group were up 1½p at 167½p by midday.
