The figure shows a drop of £9.4m on the same period in 2005, when the network recorded revenues of £111.6m.
Profit before tax was also down, dropping £4m in the same period during 2005 to £8.4m.
Debt for the group was also up from £68.5m during the period in 2005 to £77.3m. This figure does not take into account the £60m attained from the sale of the network's Century stations in the North East and North West of England to the Guardian Media Group last month.
Ralph Bernard, chief executive of GCap Media, said: "During the first half, we have achieved a series of key operational goals. The sale of the two Century stations has strengthened our balance sheet and given us greater financial flexibility to develop our portfolio of national brands, with two new stations set to go on air within the next six months.
"Despite a very difficult advertising market, we are confident that we are taking the right steps to align our business to a rapidly changing environment."
GCap Media also confirmed that its new jazz-orientated digital station will be called theJazz, and will start broadcasting nationally at 9am on Christmas Day this year.
The station will be dedicated to 24-hour jazz programming, and will operate as a sister service to the network's station Classic FM.
Like Classic FM, theJazz will develop its own brand extensions including live concerts, CDs, books, podcasts, downloads, a website and TV programming.
The station will be available on DAB digital radio, online at thejazz.com and on Sky and NTL/Telewest, with channels to be announced.
TheJazz will be cross-promoted from its launch in December across GCap Media's existing stations, including Classic FM.
Throughout the course of 2007, the station will be engaging existing jazz fans and new listeners by asking the question "What is jazz?". The debate will take place on-air, online and at live events.
Listeners will also be asked to vote online for their top three jazz tracks and the second phase of the station's launch will come over the Easter weekend with thejazz 500 -- a countdown of the UK listeners' all-time greatest jazz music.
Darren Henley, station manager of Classic FM and theJazz, said: "Just as Classic FM has taken classical music into the mainstream, so we want to make jazz a part of everyday life in the UK with theJazz. Jazz fans now have their own radio station, dedicated to playing the music they love night and day."
According to the latest Rajar figures, GCap Media's flagship station Capital Radio is third in the crucial battle for London with a 4.7% share of the listening audience. The station was beaten by Emap's Magic on 5.1% and leader Chrysalis-owned Heart. The figures refer to the period July to September this year.
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