Britain's largest commercial radio operator, GCap Media, revealed last week that it expects like-for-like revenues in the fiscal half-year to September 30 to fall by 4%, while total group revenue will plunge 9% year-on-year.
GCap attributes the slide to continuing weakness in the UK radio advertising market and a decline in the number of listeners.
Comments Panmure Gordon analyst Alex DeGroote: "Radio sector sentiment is atrocious. The internet, [competition from] the BBC and a weak UK ad market have combined to erode revenue growth, and the operational gearing which originally interested investors."
Data sourced from Financial Times Online; additional content by WARC staff