GCap has 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.
GCap Media chief executive, Ralph Bernard, said: “In the past year we have created the UK’s leading commercial radio operator, carrying the cost of significant change against the background of a difficult advertising environment and audience declines at many of our stations.
“Media markets are changing fast and at GCap, we are creating the strategy to deliver improved profitability by developing strong national networks and increasing audiences in the most commercially important demographics.”