Announcing a drop in revenues, London-based commercial radio company Capital Radio warned that it expects advertising to stay slow for the rest of its fiscal year (ending September).
“We continue to manage the cost base of our business on the assumption that the advertising market remains under pressure for the rest of our financial year,” the group declared.
“[There has been] no material change in conditions since [Capital’s] last trading statement in November, when it announced a 27% fall in full-year profits as a result of the slump in advertising.”
Capital said the 9% year-on-year revenue fall for the last three months of the year was in line with expectations, and vowed to keep a tight rein on costs as the ad sector continues to suffer.
In addition, the group revealed that its new chairman, effective immediately, is current deputy chair Peter Cawdron, who takes over from the retiring Ian Irvine.
News sources: BrandRepublic (UK); MediaGuardian.co.uk