Capital Radio Group on Thursday unveiled a 27% plunge in full year profits to £30.1m, attributing the decline to the slowdown in advertising. Turnover, however, remained virtually static, declining by a mere 1%.

Chief executive David Mansfield preferred not to dwell on the group’s lacklustre results, instead attracting press headlines with his public expression of interest in acquiring Emap’s radio assets – among them London stations Kiss and Magic FM. “We would be very interested in acquiring Emap's radio assets in the right circumstances,” he said.

The “right circumstances”, onlookers believe, would be the relaxation of the present laws governing media ownership and competition – under which Capital would almost certainly be prevented from strengthening its already dominant position in the London radio market.

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