Emap stays cautious despite six-month improvement

Emap is remaining cautious over the future of the advertising economy despite a relatively strong performance for the six months to the end of September.

In a trading update, the publishing and broadcast group said group revenue is likely to be up by 5 per cent to £478.8 million based on the same six-month period last year. It expects underlying revenues, excluding acquisitions and disposals, to be up 2 per cent to £465.1 million.

Emap's statement said: "Despite the Group's relatively strong performance over the past six months, Emap continues to take a cautious view of the wider advertising marketplace, especially in light of the uncertain political and economic environment across its two core territories in the UK and France."

Revenue growth at Emap is based on good performance from its consumer magazine division which has seen circulation increases of 7 per cent.

Emap, which publishes its interim results in November, said the radio market "has been more challenging" with radio airtime sales down 7 per cent in the first half.

It also said revenues for its six digital TV music channels, including Smash Hits and Kerrang!, were up 200 per cent. It expects consumer magazines to continue to perform well for the next two months on the back of its launch of the women's weekly Closer.

However, the company faces the future loss of revenues from the fashion title Elle when it transfers to Hachette Filipacchi UK.

Emap and Hachette are still in talks over the future of Red and New Woman following Hachette's purchase of Attic Futura last month.

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