British radio group GWR saw its stock price slide by over 10% after issuing a gloomy prediction for the recovery of the ad market.
As reported yesterday [WAMN: 20-Nov-02], the company is planning for “no significant upturn in advertising in the foreseeable future”, despite positive signs for the fourth quarter.
The group’s shares slipped 17p to £1.49 ($2.34; €2.34) on the news, before recovering slightly to £1.53 by Thursday morning.
Nevertheless, GWR is hopeful the forthcoming Communications Bill will aid the radio sector by allowing consolidation. The group is looking for acquisitions and has been offloading peripheral assets (such as a radio station in Vienna) with this in mind.
Data sourced from: Times Online (UK); additional content by WARC staff