Emap To Sell Off French Magazine Arm

Publishing group, Emap, has announced plans to sell its French operations and return the cash generated to shareholders, resulting in a surge in share price, up nearly 7% in today’s market.

According to Emap, the decision follows a review of the group’s strategic investment priorities. The sale is expected to be completed during the first half of 2006-2007.

Emap France is one of the leading consumer magazine publishers in France, with a wide portfolio of consumer magazines and TV listings titles.

Commenting on the decision, Tom Moloney, Emap chief executive, said: “Emap has generated significant value by growing Emap France into a leading consumer magazine publisher with a strong position in the market, an attractive portfolio of established titles and a record of successful launches.”

He added: “We have positioned the business for growth and are now starting a process aimed at realising value.”

Emap recently revealed that Alun Cathcart would assume the position of chairman this summer, following the 2006 annual general meeting. Cathcart takes over from Adam Broadbent, who will be retiring at the AGM, after the completion of his third term on the board.

The group plans to release its pre-close trading on March 28, hoping to build on the 6% increase in revenue it enjoyed for the first half of the year ended 30 September, reaching £554 million.

Emap: 01733 568 900 www.emap.co.uk