In a trading update released ahead of its annual general meeting today, the company said the market for men's magazines "continues to be weak".
Revenue from its radio business also dropped 2%, excluding its stations in the Republic of Ireland, with revenues in London down 9% due to the renegotiation of certain advertising deals for its flagship station, Magic 105.4.
However its business to business publishing arm remained robust, with revenue up 10% compared to the first quarter of 2006.
Total group revenue was down 3% year on year.
The group's chairman, Alun Cathcart, pictured, said the financial year had started "in line with expectations" and the company was "on track to deliver against expectations for the full year".
It expects to make efficiency savings in excess of £20m by 2009, and is continuing the search for a new chief executive.
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