Its share price plummeted when the markets opened this morning, losing 12% in early trading, down 30p to 220p.
The group, which owns the radio stations Classic FM and LBC, said that in the UK, national revenues had fallen by a massive 19.4%, while local stations proven more resilient, seeing a fall of 5.7%.
In a statement, the company said: "The radio advertising market continues to be volatile, making it difficult to forecast revenues even in the short term."
The radio group has also signed a three-year, £7m deal with Centrica, owner of the AA. It will see Centrica working with GWR to provide traffic and travel news services to GWR's 53 stations and associate stations.
GWR has been thought for some time to be planning the sell-off of certain non-core assets, including stations in Hungary and Austria. Last year was a tough year for the group, when it failed to meet analysts forecasts and cut more than 40 jobs as it attempted to slash £1.3m in costs.
It is currently selling its interest in London News Radio, which owns LBC and London News Direct, along with major shareholders Reuters and ITN. The sale has attracted a number of bidders including Jazz FM, which earlier this week was reported to be launching a £20m bid for the group.
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