GCap first-half profits fall, CEO to step down

Britain's biggest commercial radio broadcaster GCap Media, said yesterday its underlying first-half pretax profit fell to £5.6 million from £5.8 million last year.

The company added in a statement that like-for-like revenues climbed 4.5 per cent to £100 million in the six months to end September, and said chief executive officer Ralph Bernard is to step down.

GCap said like-for-like revenues for October had fallen one per cent, but the market had picked up this month with a forecast rise in like-for-like sales of four per cent.

"During the half we have made significant strategic progress... The outlook remains stable within the context of the limited visibility of the radio industry," Mr Bernard said in a statement.

"This is the right time to step down as chief executive. This is a pivotal time for the industry, further consolidation is likely," he added.

The company said Mr Bernard, who has headed GCap and GWR - which merged with Capital Radio to form GCap two years ago - for 25 years, would step down when a successor is found.