Capital revenues rose 4% to £59m as the company said there had been no dramatic change in advertising market conditions. Ad revenue for April is up 1% and is set for another small rise in May.
Capital also said that June was looking more positive because of the expected impact of Euro 2004 and a weak 2003.
The pre-tax profit figure includes goodwill amortisation and exceptional items, including costs relating to the acquisition of Choice last month. Underlying group operating profit, a figure that excludes exceptionals, shows a small increase from £12m for the six months ending March 31 2003 to £12.1m for the same period this year.
The company, owner of Capital FM and Xfm, said this morning that group operating profit at its analogue stations was up by 5% to £14.4m. Its digital operations, in which it has invested £2.4m for the period, contributed £800,000 to group profits.
Listening figures across the group were up by 222,000 in the last quarter, including an additional 133,000 listeners to the Capital breakfast show, which is now being hosted by Johnny Vaughan.
David Mansfield, chief executive of Capital Radio, said: "We are realising the benefits of the improvements we made to 95.8 Capital FM, with increased listeners across the schedule and at breakfast, Johnny Vaughan is off to a great start with early encouraging feedback from listeners and advertisers.
"Across the group, we have seen record listening figures for Xfm and the Century FM Network and we have reclaimed leadership of the important Birmingham market."
Xfm has improved its figures to record its highest audience reach to date, with 678,000 listeners nationally. The Century FM network also saw a record reach, up to 1.9m listeners.
Mansfield added that Capital remained confident that the business is in a strong position for future growth. Shares in the company fell by 1.5% when the market opened this morning to 460.5p, a fall of 7p.
Capital has also revealed that television talkshow host and subject of a West End musical, Jerry Springer, will present Capital Gold's 4pm-7pm drivetime show for a week while the regular DJ, Paul Coyte, is on holiday. He will take up the job starting May 31.
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