UK Radio Group GCap saw its annual revenues drop by 9% to £200.1m.

UK Radio Group GCap saw its annual revenues drop by 9% to £200.1m.

Profits fell from £22.2m last year to £14.4m. Due to cost-cutting, the company claims to have made savings of £29.5m in the past two years and plans to make savings of £5.5m in the next two years but the company's Commercial Director, Duncan George, who has been with the company since 2005, has quit his role.

And struggling British music group Sanctuary has sold off its Air Edel arm for £0.5m.

Air Edel Associates Limited and Air Edel Recording Studios Limited has been bought up by Cutting Edge Music.