EMAP First Half Marginally Behind Last Year

Business to business display advertising has been impacted by the technology and telecom adspend downturn, but recruitment revenues have remained strong at EMAP, according to chairman Adam Broadbent’s AGM statement.

The consumer magazine division is showing some growth and circulation revenues are continuing to improve, the company said. Radio advertising has shown a decline in the first quarter and is expected to be below that achieved in the first half of last year.

At EMAP France, consumer advertising and circulation revenues remain more or less consistent with last year. The purchase of the remaining shares in our French outdoor magazine business Media Nature on 28 June is expected to be immediately earnings enhancing.

Meanwhile, the sale of EMAP USA to Primedia is expected to be completed by October. The performance of the US operations, which is significantly below last year, will impact EMAP’s interim results, anticipated to be marginally behind that achieved last year.

“We are satisfied with the Group’s resilience so far in challenging markets. In terms of full year expectations, given difficulties in interpreting forward trading patterns, it is too early to determine what the final outcome will be. However, we expect the Group overall to make reasonable progress within its core markets. I am pleased with the progress the new management team has made in a short period of time. With renewed focus on our core skills and core assets, I believe the medium term prospects for the Group are sound,” said Broadbent.

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

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