LONDON: UK commercial radio group GCapMedia, Britain's largest, posted a fall in underlying first-half profits and says it expects advertising markets to remain tough.
The broadcaster says pretax profit excluding amortisation was £8.4 million ($16.3m; €12.4m) for the six months to 30 September, compared to £12.4m a year ago. Revenues were down 8.4% year-on-year to £102.2m.
According to a company statement: "The current advertising market remains very difficult and visibility poor. We anticipate tough trading conditions will persist over the next quarter."
Data sourced from MediaGuardian.co.uk; additional content by WARC staff