Emap has announced an increase in revenue of 6% for the half of the year ended 30 September reaching £554 million, despite a 5% downturn in operating profit and a 2% drop in pre-tax profit, hitting £103 million and £95 million respectively.
Underlying revenue for the media group rose by a slight 1% in the stated time period, while underlying operating profit was down by 4%, largely due to a weak performance from Emap’s French news-stand division.
The Group’s UK consumer magazines and radio division outperformed the market, with revenue up by 3% fuelled by continuing strength in its weekly titles and a good performance from Grazia.
Revenues for Emap’s radio assets lived up to expectations, enjoying an increase of 23%, with solid RAJAR figures for the last quarter seen across the Group’s whole portfolio (see Emap Radio Revenues To Outperform Market).
Emap’s business-to-business sector saw revenue rise by 13% in the first half of the financial up to 30 September, despite recruitment revenue being down due to public sector budget constraints.
Commenting on the results, Tom Moloney, group chief executive of Emap, said: “A tough news-stand environment in France and record levels of launch investment have led to a reduction in first half operating profit, but the Group remains on track to meet our full year expectations.”
He continued: “Our UK consumer magazines business has gained share in both advertising and circulation, with good growth from our portfolio of weekly titles and newly launched Grazia. In France, the launch of Closer has been a success and sales of our TV listings titles are stable following good relaunches.”
Emap’s television division did not fair so well, however, with flat revenue for the period resulting from a challenging market in TV advertising.
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