GCap Media has announced that, on a like for like basis, its revenues for the full year ending 31 March 2007 are forecast to increase by 1% year on year for the last quarter and decline by around 3% for the year.
Total revenue for the year is forecast to be decrease approximately 9%, with the group’s advertising revenue performance expected to be ahead of the market for the last quarter of the year.
The radio group also announced that Richard Eyre, former chief executive of Capital Radio, is to become chairman of the group, joining as deputy chairman on May 1, before taking over as chairman in November.
Ralph Bernard, Chief Executive of GCap Media said “Richard is someone I deeply respect and admire. His wide experience covering advertising, radio, television, press and digital media will be a valuable addition to the Board. I am greatly looking forward to working with him.
“Peter Cawdron has been an excellent chairman and we are delighted that he has agreed to remain on the board.
“Although the market remains uncertain and visibility short-term, we are encouraged that the group has been showing an improving trend over the past six months and that we are outperforming the radio advertising market for the first time.
“We have a strong board and senior management team in place. Now, having stabilised the business, we intend to focus on the excellent opportunities we see in the digital world – particularly online.”
In January, GCap appointed Fru Hazlitt to the new position of GCap London managing director, taking responsibility for Capital Radio and Choice FM, in addition to GCap Media’s national commercial sales and online operations (see Hazlitt Appointed GCap London Managing Director).
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