Annual pre-tax profits before goodwill and exceptional items rose to �17.2m ($31m) from �8.6m a year ago.

The radio group said advertising revenues rose in the second half of the year as firms in the motor, retail and financial sectors raised spending.

Advertising revenues were up 16% in the second half, and up 2.3% for the year as a whole.

In April, the first month of the new financial year, GWR said advertising revenues were 10.5% higher than at the same time a year ago.