In a trading statement, ahead of its May 15 interim results, Capital, which owns the Capital FM and Xfm stations, said it was anticipating that like-for-like radio revenue will have fallen by 3% in the January to March 2003 quarter.
It said this will result in a 5% decline in like-for-like radio revenue for the six months to March 31, which was in line with its expectations.
In its statement, Capital said: "The short-term market is very uncertain and we remain cautious regarding future advertising demand. We continue to manage the cost base of our business on the assumption that the advertising market remains under pressure for the rest of our financial year."
In January, Capital reported better than expected first-quarter revenues, down just 6%, but the radio group warned that the outlook for the next quarter remained "uncertain".
When chief executive David Mansfield spoke at the radio group's full-year results in November, he said the company had experienced a "testing start to our new financial year".
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