Underlying consumer magazine advertising revenues at EMAP rose by 6% in the year to 31 March, whilst radio revenues fell by 2% on the same basis, according to a trading statement issued by the group this morning.
EMAP says that in its consumer magazine division, revenues were strong at heat, MaxPower, Kerrang!, New Woman, Empire and the special interest and women’s health titles. In the US, FHM has seen strong growth both in terms of circulation revenues, up 50% year on year, and advertising revenues, up 34% year on year, putting EMAP’s biggest ever launch well on target to break even later this year.
Radio revenues were down 2% on an underlying basis for the full year, with an improving performance in H2 (up 3%) offsetting weakness in H1 (down 7%). Nevertheless, EMAP says that it has outperformed the national radio market in the second half of the year after a period of under-performance in the first half.
The business to business (B2B) advertising market remains weak, with EMAP’s revenues down by 4% across the year in this sector.
Across the group as a whole, revenues were up 2% in the year, with EMAP Consumer Media up 6%, EMAP Communications up 3%, EMAP Performance up 2% and EMAP France flat.
Current trading and outlook
In current trading, the group says that the consumer magazine division has started the year well, in terms of both advertising and copy sales. It also said that the launch of its women’s entertainment title, Closer, has been ‘highly successful’.
Radio revenues are ‘stable’ and EMAP is outperforming the market as a whole, whilst B2B display advertising is beginning to level out, following a difficult eighteen months.
“Economic and geopolitical conditions remain uncertain and EMAP, like many of its peers, is taking a cautious view of the trading conditions for the forthcoming financial year,” was the outlook in today’s statement.
EMAP releases its full-year financial results on 28 May 2003.
Shares in EMAP were down by 1.6% at 732.5p by mid-morning today.
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