Classic FM parent company GCap Media sees "no evidence" of a radio advertising downturn as it reported yesterday that revenues were already up seven per cent this year.
Rajar radio ratings figures showed GCap Media's flagship Classic FM maintained market share despite a slight drop in weekly listeners.
The group's Capital 95.8 station had increased its weekly reach by four per cent to 1.5 million listeners, according to Rajar. GCap Media said that the radio market continued to see reasonable growth since its interim results in November.
It reported a 4.5 per cent increase in life-for-like revenues to £100 million in the six months to September 30, although underlying profits dropped three per cent to £5.6 million.
The group, which includes BRMB and Beacon in the West Midlands hailed its start to the new quarter as "encouraging".
The firm is being eyed for takeover by rival Global Radio, headed by former ITV boss Charles Allen.
It has rejected a proposal from the Heart and Galaxy Radio owner that potentially valued GCap Media at around £313 million.
The market is waiting for GCap's new chief executive Fru Hazlitt to outline her plans for the group on February 11, but there is speculation that Global Radio may return with a higher bid.
The Takeover Panel has issued Global Radio with a "put up or shut up" deadline of March 5. If Global decides not to bid for the group, it will be barred from making another approach for six months.