GCap CEO to step down
Enlarge image LONDON (Reuters) - GCap Media
The company added in a statement that like-for-like revenues climbed 4.5 percent to 100 million pounds in the six months to end September, and said Chief Executive Ralph Bernard is to step down.
GCap said like-for-like revenues for October had fallen 1 percent, but the market had picked up in November with a forecast rise in like-for-like sales of 4 percent.
"During the half we have made significant strategic progress ... The outlook remains stable within the context of the limited visibility of the radio industry," Bernard said in a statement.
"This is the right time to step down as chief executive. This is a pivotal time for the industry, further consolidation is likely," he added.
The company said Bernard, who has headed GCap and GWR -- which merged with Capital Radio to form GCap two years ago -- for 25 years, would step down when a successor is found.
It said the firm would look both internally and externally for a replacement, while Bernard would remain chairman of Classic FM and the Digital One station.
GCap was forecast to generate interim pretax profit of 5.7 million pounds before amortisation and exceptional .....continued below
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charges, according to a Reuters Estimates poll of three analysts, whose estimates ranged from 5.4 million to 6 million pounds."We view GCap as highly vulnerable to a downturn due to its reliance on advertising, high operational gearing, structural challenges and high rating," Numis Securities analysts said in a research note earlier this week.
Shares in GCap, which has a market value of around 255 million pounds, closed down 0.8 percent at 154-1/2 pence on Thursday, near their 52-week low of 151-1/2 pence.
GCap’s leading stations include Classic FM, Xfm and Capital 95.8, as well as more than 90 digital stations such as Planet Rock and Chill.
(Reporting by John Bowker, editing by Will Waterman)
LONDON (Reuters) - GCap Media
The company added in a statement that like-for-like revenues climbed 4.5 percent to 100 million pounds in the six months to end September, and said Chief Executive Ralph Bernard is to step down.
GCap said like-for-like revenues for October had fallen 1 percent, but the market had picked up in November with a forecast rise in like-for-like sales of 4 percent.
"During the half we have made significant strategic progress ... The outlook remains stable within the context of the limited visibility of the radio industry," Bernard said in a statement.
"This is the right time to step down as chief executive. This is a pivotal time for the industry, further consolidation is likely," he added.
The company said Bernard, who has headed GCap and GWR -- which merged with Capital Radio to form GCap two years ago -- for 25 years, would step down when a successor is found.
It said the firm would look both internally and externally for a replacement, while Bernard would remain chairman of Classic FM and the Digital One station.
GCap was forecast to generate interim pretax profit of 5.7 million pounds before amortisation and exceptional charges, according to a Reuters Estimates poll of three analysts, whose estimates ranged from 5.4 million to 6 million pounds.
"We view GCap as highly vulnerable to a downturn due to its reliance on advertising, high operational gearing, structural challenges and high rating," Numis Securities analysts said in a research note earlier this week.
Shares in GCap, which has a market value of around 255 million pounds, closed down 0.8 percent at 154-1/2 pence on Thursday, near their 52-week low of 151-1/2 pence.
GCap’s leading stations include Classic FM, Xfm and Capital 95.8, as well as more than 90 digital stations such as Planet Rock and Chill.
(Reporting by John Bowker, editing by Will Waterman)
© 2008 Reuters Click for restrictions
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