More Ad Woe to Come, Warns Britain’s Capital

16 May 2003

Britain’s Capital Radio is warning of further advertising weakness after interim profits and revenues slipped.

In the six months to March 31, Capital reported a 15.5% fall in pre-tax profits to £12 million ($19m; €17m) and a 5.2% slide in revenues to £56.9m.

The group is working on the assumption advertising will not pick up in the near future, with April and May revenues expected to be flat.

Nevertheless, such problems will not prevent the group partaking in the radio feeding frenzy expected after media ownership laws have been relaxed.

“The introduction of regulatory changes later this year will present transforming opportunities for the UK commercial radio sector,” declared ceo David Mansfield. “Our strong balance sheet, operational synergies and acquisition track record, provide us with the leading position to take advantage of potential consolidation opportunities.”

Data sourced from: BrandRepublic (UK); additional content by WARC staff