Capital Radio’s advertising revenues fell by 6% in the quarter ending 31 December 2002. October was down by 14% and November and December were broadly flat. Capital says that this reflects the continuing tough advertising market.
The group anticipates that January revenues will be modestly up year on year. However, the outlook for February and March is more uncertain and Capital is running its business on the assumption that the advertising market will remain ‘under pressure’ for the remainder of its financial year.
Capital Radio will issue a further trading update on 26 March 2003.
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