GCap Media, the UK’s largest radio operator, has reported a 4% increase in like-for-like revenues for the year to March 31 in a pre-close trading update. The announcement comes head of today’s deadline for Global Radio to make a bid for the company.
GCap also forecasts a 4% increase year-on-year for its fourth quarter although total statutory revenue for the year is expected to be flat.
Meanwhile, GCap, which owns London station 95.8 Capital and Xfm, also confirmed that it has received a letter from Ofcom about a competition it ran last year. The broadcast regulator says that it is continuing to pursue an investigation into alleged breaches of the Broadcasting Code in the Secret Sound competition that ran on GCap’s One Network in January and February of last year.
It is not clear if this will affect the company’s ongoing talks with Heart-owner Global. A decision on a takeover is due to be announced later today (March 31).