British radio group GWR alerted investors that it does not expect a recovery in the ad market in the near future.

In its fiscal first half (ended September 30), the firm saw advertising income drop 3%, depressing overall revenues slightly from £62.4 million ($99.2m; €98m) last year to £62.3m. There is no sign of any improvement since, with advertising down 8% for October and November.

“Our business planning assumption is that there will be no significant upturn in advertising in the foreseeable future,” group ceo Ralph Bernard declared.

“The radio advertising market continues to be unpredictable. Although trading in the run-up to Christmas is somewhat more encouraging, there is little visibility into the new year.”

GWR owns national station Classic FM plus thirty-two local operators. Interim profits before taxes and exceptional items slid 20% to £2.2m, turning into a loss of £12m once exceptionals are included.

Data sourced from:; additional content by WARC staff