CAPITAL Radio has provided a further warning about the state of the UK advertising market as it scaled down forecasts for the year.
The group, which operates commercial radio stations around the country, including Century in the North-East, said conditions had deteriorated since a downbeat trading statement in March.
It warned in its interim results that like-for-like radio revenues for April and May were down 15 per cent on the same period a year earlier.
Capital said it would be difficult to predict its fortunes for the remainder of the year. It said in March that full-year profits would be at least ten per cent lower than last year's.
David Mansfield, chief executive, said it had been a "difficult" six months for the whole media sector and that the outlook remained uncertain.
The half-year figures showed Capital improved revenues by 22 per cent to £72.6m in the six months to March 31. However, pre-tax profit was down 18 per cent to £18.3m.
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