Capital Radio has dragged down the figures because of the continuing policy of playing no more than two ads in a row -- if the station's numbers are excluded, GCap forecasts revenues would be down just 4%.
GCap showed signs of optimism in its trading update this morning, saying that although July trading was particularly difficult, August and September have shown an improvement.
It said it was ready to start marketing Capital again for the first time since 2005 after streamlining operations, strengthening the on-air talent and bringing in new management. This refers to Scott Muller's arrival as programme director and Nick Button as marketing director.
Marketing activity will begin soon. "We expect [the] impact to begin to be visible in the New Year and to be increasingly evident in 2007 listener figures," the company said.
GCap's share price rose 2.07% in early trading to 197p.
The company's interim results will be announced on November 28.
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