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GCap Media, the UK's biggest commercial radio broadcaster, has revealed its long-standing chief executive Ralph Bernard is to step down.

Mr Bernard, hailed as 'the father of British commercial radio', became chief executive of the GWR group 25 years ago – before assuming the same position at GCap when the business was created following a merger between the former company and Capital Radio in 2005.

In a statement today he stressed 25 years was a "long time" to head up a company and said he felt the time was right for a new chief executive to face the "challenges and opportunities" ahead of GCap.

News of his resignation came as GCap, whose stations include Classic FM, Xfm and Capital 95.8, reported a slip in half-year pre-tax profits.

The company's profit before tax fell to £5.6 million in the six months to September 30th, down from the £5.8 million reported for the corresponding period of the previous year.

On a like-for-like basis, GCap's revenues climbed 4.5 per cent to £100 million over the period and the company stressed there was no evidence to date current problems in the financial markets had impacted upon its business.

But analysts warned earlier this week that GCap was highly vulnerable to a downturn, due in part to its reliance on advertising revenues.

The company revealed it generated 83 per cent of its revenue from radio advertising sales over the first-half.

However GCap insists it is making progress and hailed the significance on the deal it has signed to sell national airtime for GMG Radio.

GCap's outgoing chief executive stressed: "During the half we have made significant strategic progress.

"The deal we have signed with GMG is particularly important. It leaves GCap in a strengthened position as the industry landscape changes, with new entrants into the market and the prospect of sector consolidation," Mr Bernard added.