Radio broadcaster GCap Media has seen revenues drop as a result of falling audiences and shorter advert breaks.
GCap said it was scrapping plans to sell nine of its stations
GCap, formed by the merger of Capital Radio and GWR, said turnover was set to be 17% lower between January and March.
Partly to blame was its decision never to play more than two adverts in a row on Capital.
The "inevitable disruption" of integrating Capital Radio and Classic FM owner GWR were also cited as reasons for the drop in revenues.
Last year, the broadcaster decided to halve the amount of time spent on commercials at Capital during the day, a move made on the back of listener feedback.
The station's audience figures have dropped to 1.8 million from 2.9 million in 2001.
As a result of the drop in revenues over the first three months of the year, GCap said that like-for-like revenues for the year to 31 March were set to fall by 13%.
In addition, the firm announced a U-turn on its decision to part with nine of its analogue stations in the South West and North Wales, including Coast FM in north Wales and Orchard FM, which covers the Taunton and Yeovil region.
GCap said several offers had been received for the radio stations, but that the money offered was not in the best interest of shareholders.
"The stations concerned remain attractive assets which will be managed for growth under the existing structure," it said.
Shares in GCap were trading down 12 pence, or 4.3%, at 230p on Friday morning.