GWR shares dipped to 159p, down 7p, in early trading as Bernard delivered the company's first-half results with profits before tax and exceptional items down 20% to £2.2m on flat revenue of £62.3m.
"Although trading in the run-up to Christmas is somewhat more encouraging, there is little visibility into the new year. Our business planning assumption is that there will be no significant upturn in advertising in the forseeable future," Bernard said.
He added that he could see no respite in the next quarter as October and November would be unchanged year on year.
GWR has decided to concentrate on its business in the UK and dispose of its overseas and non-core networks. Earlier this year, it sold its 25% stake in DMG Radio Australia and its 49% stake in London News Radio, operator of ITN News Direct station and the LBC AM station. This helped it cut its debt by £66m to under £100m.
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