Emap growth begins to slow

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."



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