Sharewatch: Radio Sector In Focus Following Raft Of Results

Radio stocks were seen in focus last week following financial updates from a number of the industry’s key players.

GWR rose by 2.31% week on week after announcing that revenues grew by 12% year on year during the three months to the end of December 2003. Ralph Bernard, executive chairman, said: “The last quarter of the 2003 calendar year was notably strong for GWR – we grew faster than our peer group in the main revenue streams – national, local and sponsorship” (see GWR Group Sees 12% Revenue Rise In Q1).

Rival radio group Chrysalis was lifted 2.20% higher on news that revenues jumped by 19% year on year during the five months since September 2003 and Capital improved by 1.38% after announcing that airtime revenues rose by 5% during its first quarter (see Rival Radio Groups Report Positive Outlook).

Elsewhere, BSkyB rose by 3.17% following news that chief executive, James Murdoch, is this week expected to unveil the date for the resumption of dividend payments by the satellite broadcaster after a gap of five years.

The satellite broadcaster’s chief financial officer, Martin Stewart, also announced his intention to quit the company last week, just months after losing out to James Murdoch in the race for the chief executive’s position (see BSkyB Loses Stewart As Chief Finance Officer).

The closing prices of media company shares on Friday were: