Sharewatch: GWR Falls Following Bearish Forecasts

GWR was seen in focus after it announced that it expects revenues to be down by 3.9% in the quarter to 31 March. The group warned that there is ‘no sign’ of recovery in the advertising market in 2003. The stock was seen down 7.12% (see GWR Sees Radio Revenues Down By 3.9% In Q4).

Elsewhere, outdoor contractor, Maiden was seen in focus after announcing its full year results revealing a pre-tax loss of £1.1 million during 2002, down from 0.2 million in 2001 (see Maiden Expands Transvision Network But Profits Dip).

Telewest also posted results, reported narrowing net losses for the year to December 2002, but writedowns pushed the company deeper into debt to the tune of $5.3 billion (see Telewest Results Hit By Writedowns). The stock extended losses by 10%.

Thursday saw another turbulent day of trading in the media sector as concerns over the impact of a prolonged war in Iraq were exacerbated by President George Bush cautioning that the war was “far from over”

The closing prices of media company shares on Thursday were: