Financial Highlights
Group underlying profit of £30.1m (down 27%)
Group revenue from continuing operations of £123.2m (down 1%)
Analogue radio operating profit of £36.5m (down 20%)
Revenue from development stations of £15.3m (up 27% on like for like basis)
Underlying EPS of 26.3p (down 33%)
Total dividend unchanged at 18.5p
Strong cash generation: over 100% of operating profit converted into cash
Interest cover on continuing business of 13x
Operating Highlights
Record Group audiences – 8.3m adult listeners (up 5% year on year)
Record adult listening hours of 85.5m (up 2% year on year)
Increased reach and hours amongst key 15-44 year old audience in London
Audience growth at all five of our development stations
Improved second half revenue performance versus the industry
Post-year end acquisition of 19% stake in Choice FM
David Mansfield, Chief Executive, commenting on the year’s performance, said:
This year has been challenging for Capital Radio as the media industry faced difficult trading conditions resulting from the economic slowdown. Though the current market conditions may continue for some time, with our strong brands, healthy balance sheet and focused management team we will weather the downturn. We are confident of the long-term prospects for radio advertising and retain our belief in the importance of aggressively expanding our national presence.
