As Capital Radio investors awoke on Monday, they had more to smile about than wisecracks from the likes of Johnny Vaughan and Christian O'Connell, two of the group's best-known breakfast show presenters.

Mr Vaughan's wit appears to have prevented an exodus of breakfast listeners following this year's departure of Chris Tarrant, a fixture at Capital's flagship London 95.8FM station for nearly two decades. And further up the dial at 104.9FM, Mr O'Connell's show on Xfm has demonstrated there is more to the group than its flagship London station.