EMAP has today announced that it has acquired the Health Services Division of Macmillan Magazines for the sum of £85m. A further payment of up to £17.3m will be payable in April 1999, dependent on the performance of the business. This coincides with EMAP’s interim results, which showed a 27% increase in pre-tax profits to £64.5m while underlying revenue was up 8%.
The main titles which are included in the sell-off are the Nursing Times and Health Services Journal though other titles, conferences and exhibitions are included in the business. EMAP says that it expects to launch new titles off the back of the acquisition.
EMAP’s interim figures reveal that its UK consumer magazines business saw operating profits rise 42% year on year to £28.3m on the back of turnover up 22% to £141m. The group’s radio interests made an operating profit of £11.1m (up 11%) while turnover increased 8% to £34.6m.
EMAP: 01733 68900
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