GCap Media cast a pall over the radio sector on Monday as the group created by the merger of Capital Radio and GWR reported that advertising revenues for April and May were sharply lower than expectations.

David Mansfield, chief executive, said April revenues were down 17 per cent from a year before, falling 21 per cent at Capital and 15 per cent at GWR. He forecast similar levels for May, adding that beyond that “visibility is limited”.