Britain's Capital Radio reported flat interim profits today and rival Scottish Radio Holdings posted a 14 per cent gain as the troubled advertising market continued to improve.
Capital, owner of London's leading station, 95.8 Capital FM, said pre-tax profit excluding goodwill amortisation and exceptional items for the six months to March 31st was £12.1 million sterling ($21.5 million), from £12 million a year ago.
Including goodwill and exceptionals, pre-tax profit fell to £6.5 million from £7.2 million a year earlier, due to restructuring costs. Revenues rose 4 per cent to £59 million, and Capital's interim dividend was held at 6 pence per share.
Chief executive Mr David Mansfield said there has been a steady improvement in the advertising sector. Revenue rose 1 per cent in April, was up "modestly" in May and June was expected to be more positive due to revenues from the Euro 2004 soccer tournament.
Scottish Radio, whose holdings range from the Galaxy 101 radio station to the Galloway Gazette, said its first-half pre-tax profit before goodwill amortisation and exceptional items was up 14 per cent to £10.9 million.