GCap Media has announced that its revenue for the 12 months to 31 March this year was down 9% at £200.1 million.
The group’s profits were down from £22.2 million in 2006 in £14.4 million, whilst its advertising revenues dropped 8% to £167.5 million.
The owner of Capital Radio and Classic Fm also revealed that its interactive division generated £1.6 million of profit on £4.5 million in revenues during the year.
Ralph Bernard, GCap Media chief executive, said: “In the past year we have made considerable progress towards our strategic objectives, consolidating our audiences and revenues and preparing the business for growth. We have also achieved further cost savings, ensuring the business is run as efficiently as possible.
“We have invested in our key stations, particularly in Capital 95.8, stabilising audience figures across the group. We have initiated a significant upgrading of our online offering to further our strategy of leveraging our brands across multiple platforms.
“The market remains difficult to predict but we have seen an improving trend in advertising revenue performance and we outperformed the market in the last quarter of the financial year.”
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