Hazlitt Takes MD Role At GCap
Former SMG radio chief executive, Fru Hazlitt, has become the new managing director of GCap London, taking affect from 1 May 2007.
Hazlitt will be responsible for Capital Radio and Choice FM, in addition to GCap Media’s national commercial sales and online operations, reporting directly to CEO Ralph Bernard.
Hazlitt announced that she would leave Virgin Radio last week (see Fru Hazlitt Resigns As SMG Radio Chief Executive), having held the position since April 2005. Prior to this, she was managing director of Yahoo! UK and Ireland for two years, and was previously European sales director and director for sales and Marketing responsible for Yahoo! across nine countries in Europe.
With 20 years of sales and marketing experience within the media sector, across magazines, newspapers and radio, Hazlitt will be a welcome addition to the GCap team. Her experience at the Guardian Media Group and Capital Radio, where she was sales director from 1996 to 1999, will stand her in good stead to move the company forwards, after disappointing RAJAR results and falling financial results.
“Fru’s unrivalled radio, commercial and online experience will prove tremendous assets to the Group,” said chief executive of GCap Media, Ralph Bernard. “She is committed to returning Capital Radio to the number one position in London, developing the London portfolio and maximising the commercial potential of our strong brands both through traditional radio advertising and online.”
Hazlitt added: “I have worked across all media but have developed a genuine passion for radio and strongly believe that GCap can lead the way in the development of its future. I am delighted to have been given this great opportunity and am really looking forward to the challenge.”
At the beginning of last year, GCap’s 95.8 Capital FM was rebranded as Capital Radio (see Capital Radio Returns Following Rebrand), shifting its music policy towards less repetition and focusing on a ‘no more than two ads per break policy’.
By mid-year, the company reported a fall in profits with annual pre-tax revenue to the end of March down 40% to £22.2 million. On a statutory basis, including the effect of amortisation and other charges, the company made a loss before tax of £47.9 million. One of the main reasons for the slump was said to be the revamp of Capital Radio and its new advertising policy (see Revamp Renders GCap Profits Down).
In November, pre-tax profits were down again, 32% year on year, according to the group’s interim results for the six months to 30 September 2006. The company made £8.4 million compared to £12.4 million in the same period in 2005. Flagship London station, Capital Radio, saw its revenue down by £6.3 million year on year, deflated due to a difficult ad market and the implementation of its no more than two ads policy (see Capital Radio Continues To Impede GCap Media’s Growth).
In the last RAJAR release, GCap Media’s Capital Radio saw its weekly reach drop by nearly a fifth year on year and a period on period fall of 11%, leaving it with nearly 1.5 million listeners. In addition, the station’s share of listening dropped a marginal 0.3% points period on period. Capital remained the station with the third highest weekly reach in London, with a figure of 1.4 million (see Heart 106.2 FM Retakes London Top Spot From Magic FM).