GWR Shares were down 4.35% to 165.5p, having opened at 172.5p.
Last month the group reduced its internet staff by 46 to focus on its core business of radio. GWR claimed the cuts, which mainly affected Koko.com, would save £1.3m.
GWR's board declined to speculate on when sustainable revenue growth would be achieved, blaming the current political and economic climate.
As well as owning Classic FM, GWR is behind the national radio stations Core and Planet Rock. It also owns 38 local stations and holds 21 digital licences.
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