GWR Losses Deepen To £12m As Tough Market Conditions Bite
Losses at the UK’s largest commercial radio group, GWR, have risen to £12.1 million for the six months ended 30 September 2002, in what chairman Ralph Bernard describes as a period of ‘volatile and difficult trading conditions’. Total loss for the same period in 2001 was £1.9 million.
The tough figures come after continuing poor conditions for advertising, with the radio market remaining unpredictable. GWR says that although trading for Q4, in the run up to Christmas, is looking more encouraging, there is little visibility into the new year. October and November are expected to be flat year on year.
This is a better performance than indicated by Capital Radio, which expects October and November to show an 8% decline overall, with October down heavily and November flat (see Capital Radio Shares Plummet As Profits And Revenues Dip). EMAP also expects revenue to be flat in its H2 (see EMAP Shows Good Results In Improving Markets).
GWR is assuming that there will be no significant upturn in advertising for the foreseeable future.
Disposal of Austrian assets GWR has also announced today the disposal of its 58% interest in Antenna Wien in Austria. This is in keeping with the company’s intentions to concentrate on its core UK radio interests and follows the disposal of Australian businesses earlier in the year (see GWR Offloads DMG Radio Australia And Reduces Debt).
Shares in GWR Group were down by 14.5p at 151.5p by mid-morning today.
