GWR Profits Crash...Virgin Radio For Sale? GWR Group has reported a 70% decline in pre-tax profits for the six-months to 30 September, down from £9.4 million in 2000 to £2.8 million this year. Turnover was up at £62.4 million from £58.7 million. Ralph Bernard, Executive Chairman, said: “It is a difficult market but ours is a robust business strongly supported by excellent assets.” There is speculation that GWR may be selling its 20% stake in London News Radio (LBC and News Direct) and may seek to divest itself of its European interests in Austria and Hungary. A major review is underway into the financial problems at SMG, the Scottish media group, owners of two ITV channels in Scotland, Pearl & Dean, outdoor advertising companies and Virgin Radio. There is speculation Virgin Radio could be sold off. However several leading contenders - the major radio groups - are up against the buffers (the ownership points system).