Emap has reported a 4% half year increase in profits to £93 million, although revenue for its UK consumer magazines division was down 4% to £185 million from £193 million in the same period in 2005.
Revenue from Emap’s B2B division grew strongly, up 11% to £134 million, with Emap saying that it benefited significantly from recent acquisitions.
Emap’s radio division performed strongly during the period, with revenue increasing by 39% to £81 million.
Tom Moloney, group chief executive, said: “The performance of the continuing business and the steps we have taken in the period illustrate our strategy to position Emap for growth. The interim results reflect the challenging conditions in a number of our markets, but, based on current trends, we remain on track to deliver full year results in line with our expectations.
“We are taking rigorous steps to improve operational efficiencies across all of our businesses and to focus resources on growth opportunities. This year we are planning to invest a record £25 million in NPD, including increased investment on digital projects. Digital revenue now accounts for over 10% of Group revenue and is up 50% as we pursue initiatives to migrate resources onto faster growth platforms and to extend our digital reach and capability.
“We are committed to maintaining an efficient capital structure with clear gearing targets and dividend cover guidelines. The successful sale of the French consumer magazines business and return of cash is a demonstration of our commitment to delivering value for shareholders.”
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