Ralph Bernard, chief executive of GCap Media, claims the group has achieved a "series of key operational goals" despite reporting a 32% decline in underlying profits, falling to £8.4m in its interim results.
It also reported that underlying revenue dropped 8.4% from £111.6m to £102.2m for the six months to September 30. Losses fell to 4% excluding flagship London station Capital Radio.
The losses are attributed to the group’s decision to cut the level advertising on Capital Radio. The station now has only two ad slots per break and has made a number of programming changes under new programme director Scott Muller, who joined from Australian station Nova earlier this year. It has been supporting the station with a low-level marketing campaign and a bigger campaign is expected in the New Year.
The group also claimed that revenue for September and October were in line with expectations if Capital is excluded.
Bernard (pictured) says: "During the first half, we have achieved a series of key operational goals. We have increased reach, share and hours across the One Network and entered the next phase of our recovery plan for Capital Radio with the launch of a new marketing campaign.
"Despite a very difficult advertising market, we are confident that we are taking the right steps to align our business to a rapidly changing environment."