The publishing group Emap has revealed sluggish growth in its
first-half results statement and admitted that market conditions would
remain "difficult" in the second half.
Emap's business-to-business division, Emap Communications, and music
division, Emap Performance, had an especially tough six months. Profits
across Emap Communications were down by 4 per cent for the six months to
30 September owing to a decline in display advertising.
Emap Performance saw a 12 per cent decline in like-for-like profit owing
mainly to a decline in radio revenues of 7 per cent.
The statement shows that Emap's total turnover was up by 3 per cent to
£456 million, excluding the turnover of its US operations, which
were sold in August. Pre-tax profits were up 8 per cent on the same
period last year to £55 million.
Emap claims that the sale of its US operations, for a cut-price £366 million, is an "important turning point". The sale followed the
resignation of Emap's chief executive, Kevin Hand.
Emap's group chief executive, Robin Miller, said: "We have weathered a
tough trading environment in the first half reasonably well, with solid
market share gains achieved in all our key markets. With a broad revenue
mix, strong cash flows and robust underlying profits, we expect this
resilience to stand us in good stead over the remainder of what we
expect to be a difficult year."
