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GCap reports rise in ad revenues

LONDON - GCap Media has unveiled solid trading figures for the final quarter of 2007, which it expects to follow with a 7% increase in January revenues.

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The company, which rejected a takeover bid by rival Global Radio in December, said it sees "no evidence to date of any downturn".

Its fourth quarter revenues climbed 4% year on year. It described January's 7% rise as an "encouraging start" to the first quarter of 2008, because the comparable period to March 31 2007 was the year's strongest in terms of revenue growth.

There was also news from the company on the audience front in today's Rajar figures for the fourth quarter of 2007. Its total reach was down slightly year on year from 15m to 14.8m.

The stock market reacted by pushing GCap's share price up 5.1% on yesterday's close price, to 185p.

The Global bid, which was rejected by chairman Richard Eyre without informing GCap shareholders, was pitched at 190p per share.

When the bid became public knowledge earlier this month GCap's share price rose as high as 210p.

Global has not come back with a higher bid but is reported to have been sounding out GCap's shareholders about its chances.

Shareholders' focus is currently on next month's strategy presentation from new chief executive Fru Hazlitt.

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