LONDON: Difficult advertising conditions are blamed for a thirty-five per cent slide in full-year profits at Britain's largest commercial radio broadcaster, GCap Media.
It reported earnings of £14.4 million ($28m; €21m) in the year ended March 31, and revenues of £200.1m, down 9% on the previous twelve months.
The company says "proliferation" of alternative media options had hit ad sales. Revenues from all categories - except business and industrial - had fallen across all its stations.
As a result only 84% of its revenues were generated from radio ads over the year, compared with 86% in the preceding twelve months.
GCap also announced the imminent departure of commercial director Duncan George, who was tasked with integrating the sales and commercial operations of GWR and Capital when the companies merged in 2005 to form the present group.
Data sourced from BBC Online; additional content by WARC staff