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Capital Radio names new chairman

LONDON - There were no surprises from Capital Radio today as it confirmed that deputy chairman Peter Cawdron was stepping up to become its new chairman and that revenues were down 9% in the first quarter, in line with expectations.

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The news sent its shares down 2.47% to 690p, following the announcement made at its AGM this morning.

The company, which owns and operates London radio stations Capital and Xfm, said there has been "no material change in conditions since its last trading statement in November, when it announced a 27% fall in full-year profits as a result of the slump in advertising".

Capital said it is continuing to manage the cost base of its business on the assumption that the ad market will remain under pressure for the rest of its financial year.

Cawdron steps up to become chairman with immediate effect. He replaces Ian Irvine, who is

retiring after serving almost 20 years on Capital's board of directors. Irvine's departure was announced in November.

Cawdron joined the board of Capital Radio as a non-executive director in December 2000. He has been deputy chairman since October 2001.

Chief executive David Mansfield said: "I have greatly enjoyed working with Ian and I will miss his experience, advice and wise counsel. I am delighted that Peter has succeeded Ian as chairman and I very much look forward to building an equally strong working relationship with him."

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