Radio group continues to struggle

British Radio group Gcap Media painted a gloomy picture today as it posted plummeting profits and admitted the advertising market remained tough.

The UK’s largest commercial radio company, which owns Capital Radio and Classic FM, said half-year pre-tax profits to September 30 fell 32% to £8.4m (€12.4m).

The firm also offered little hope of an improvement as it reported group revenues in October and November had slipped 13% as it battled a tough trading conditions.