Media group Emap has seen its underlying revenue drop 2% year on year for the quarter, with revenue for its UK consumer magazines division down 8% this quarter on last.
Its titles, which include mens’ magazines
Zoo and
FHM, have seen advertising revenue fall 13% and overall circulation dip 4%.
The group’s radio interests recorded a 2% decline in income. The London market, which includes flagship stations Magic 105.4 and Kiss, saw a 9% drop in revenue.
Emap said that the poor results were affected by a strong quarter last year and the “re-negotiation of certain advertising deals” across the magazine and radio arms, which had now been successfully completed.
“With the new advertising deals and new teams in place, the forward-booking outlook has improved. As expected, however, the men’s market continues to be weak,” said a trading statement.
The company also stressed that it was “actively progressing” the search for a new chief executive. Previous chief Tom Maloney stepped down from the role in May (see Emap Chief Executive Leaves).
Emap revealed that its cost-cutting programme remained on track, saying it was expecting to save £20 million by 2009.
The group added that it was pleased with the interest in its Irish radio portfolio, which was put up for sale earlier this year.
The downturn in Emap’s consumer divisions is despite a year on year growth of 34% in online and mobile ad revenues.
Alun Cathcart, the group’s executive chairman, said it was on track to deliver against expectations for the full financial year, which runs to March 31 2008.
Its business to business quarter revenues climbed 10% and it expects the division’s trading to be robust for the rest of the year.
This morning Emap’s share price fell 0.36% to 825.5p.
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