Pre-tax profits rose to £20.7m compared with £19.2m last time. It was helped by a strong performance by its flagship national station Classic FM, which saw its revenues increase by 22%. Revenues at the group's local operations rose 16%.
The group's turnover, including acquisitions, rose 24% to £127.2m and the group increased its dividend by 16% to 5.8p a share.
However, the company said it was prepared for a further slowdown in the advertising market. This is being felt across the rest of the industry and has been highlighted by commercial rival Capital Radio, which has released two profit warnings in the space of two months.
Henry Meakin, GWR Group chairman, said, "It has been a year of major achievement for GWR. Our audiences are growing, we have expanded operations both in the UK and internationally and our unique digital radio and internet assets have been further developed."
The group is also expected to benefit when the government relaxes media-ownership rules and radio operators will have their licence periods extended from eight to 12 years.
GWR is 18.8% owned by newspaper group Daily Mail & General Trust and has recently expanded into Australia with DMG Radio. GWR also holds a 63% stake in digital radio operator Digital One.