Capital Radio figures

Revenues: �123m Profits: �23m Listeners: 8.3m

Advertising has in some sectors fallen by a third this year as companies rein in non-essential spending in the face of the global economic slowdown.

Commercial broadcasters such as Capital Radio, heavily dependent on advertising revenues, are particularly vulnerable.

Digital revenues up

While the company's profits from traditional analogue radio broadcasting fell by 20%, this was offset by tighter cost control and an increase in revenues from digital and internet-only stations.

Capital Radio chief executive David Mansfield said that commercial radio broadcasting has a bright future despite this year's setback.

"We are confident of the long-term prospects for radio advertising and retain our belief in the importance of aggressively expanding our national presence," he said in a statement.