The figures were even worse than predicted, with broker Williams de Broe yesterday saying it expected a fall of only 29%. However, the group has decided to maintain an interim dividend a share of 2.3p.
In the UK, total advertising revenues were down 5.9% on a like-for-like basis. However, the group pointed out that this compared favourably with the figure of 9.4% for the industry as a whole. GWR Group owns Classic FM, and 38 local stations in the UK, including London's LBC and News Direct.
National revenues were down 8% against the previous year, as GWR predicted in September, but local revenues were more resilient, falling by 3%.
A statement from GWR lent weight to rumours that it would be looking to identify non-core assets for disposal. "We are focusing our resources on our core radio business with the objective of achieving increasing margins," executive chairman Ralph Bernard said.
The company reported that its overseas operations -- including radio stations in Austria, Hungary and Australia, had done well for the first half of the year.
Bernard said, "We await the government's proposals on media ownership, which we expect will give GWR Group new opportunities for growth. GWR is planning its business on the assumption that the present difficult trading conditions will continue for some time."
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