Classic FM depresses GWR show

ADVERTISERS deserting Classic FM in the three months to December forced parent company GWR to publish a gloomy trading statement today.

Like-for-like national revenues fell by 19.4% in the quarter, mostly due to the classical music radio channel. Local stations were more resilient, slipping 5.7%.

GWR warned that the market continues to be volatile and difficult, making it hard to forecast revenues even in the short term. But UK like-for-like figures in January will be down about 6%, compared with8.4% in the previous three months. A GWR spokesman said Classic FM entered the ads downturn later than its rivals.

House broker HSBC today reduced its profits forecast for the year to March from £9.6m to £7.1m, including a £1.1m exceptional cost for internet portal Ecast.

GWR is 29% controlled by Daily Mail and General Trust, owner of This Is Money.