Capital Radio 10% Rise In Turnover

Capital Radio’s preliminary financial results, released today for the six month period running up to 30 September, showed a group turnover of £117.2 million (up 9.8% from last year), and pre tax profit of £37.8 million, after lower exceptional charges than last year.

Earnings per share are at 19p.

Capital gained control of the London station XFM recently, and was subject to controversy when it re-arranged its schedule and some of its DJs. The group was fined by the Radio Authority for failing to stick to its promise of performance (see Newsline).

The group’s chief executive, David Mansfield, said of the results: “1998 has been a good year for Capital Radio. We have expanded our radio business with the acquisition of two new radio stations, Red Dragon and XFM, and have once again seen growth in radio profits. The Group’s other businesses have also performed well as we have continued to use our core strengths in entertainment and music to maximise their potential. Our new year has started well with continuing growth in advertising revenue and at this stage we see a little effect of recession despite increasing evidence of an economic slowdown.”

Capital Radio: 0171 251 3801