Shares in radio broadcaster GWR Group, which owns the radio stations Classic FM and LBC, plummeted 12% in early trading today (Wednesday), down 30p to 220p.
The dive was triggered by lowered revenue predictions for 2002, down 6%, following an 8.4% fall in revenues for the last quarter of 2001. National revenues had fallen by a massive 19.4%, while local stations proven more resilient, seeing a fall of 5.7%.
Said GWR: “The radio advertising market continues to be volatile, making it difficult to forecast revenues even in the short term.”
News source: BrandRepublic (UK)