Shares take further pounding after media group warns on first-half broadcasting revenues

Shares in Granada Media crashed to an all time low this morning after the company issued a profits warning, saying broadcast revenues in the first-half of this year would not meet those of last year.

Already battered by a downgrade from investment bank Merill Lynch on Monday (26 September) Granada shares plunged further in early trading today to a new low of 435p, their lowest level since flotation.

Granada said that the absence of large scale sporting events was largely to blame for the deficit. 'Our financial year benefited from the Rugby World Cup and the Euro 2000 Championship, both of which drove significant premium advertising. There are no such major events in the coming financial year. As a consequence, we are not expecting to match last year's revenues from Broadcasting in our first half to March,' it said in a statement.