Emap has announced that pre-tax profits have fallen 13% for the year ending March 31, to £193 million.
The company’s underlying revenues were also down, by 1% to just over £1bn in the year to the end of March.
Revenues at the company’s digital division increased by 32%, whilst overall (continuing) group revenues rising 4% to £884 million.
The results follow last week’s resignation by Emap CEO Tom Maloney, to be replaced as interim executive chairman by Alun Cathcart (see Emap Chief Executive Leaves).
Commenting on the results, Cathcart said: “The 2007 financial year has been a period of transition for the group against a background of challenging trading conditions and a changing consumer environment. Despite this, we have delivered 4% revenue growth from our continuing business.
“Our strategy is to migrate resources onto faster growth platforms and to develop new business models based on content, community and commerce. We will vigorously pursue this strategy which will mean increasing our digital activities, investing behind our growth assets and increased international exposure. We will drive the business to deliver growth and value for our shareholders.”
Emap also announced today that it will spend up to £44 million on environmental information business GroundSure, consisting of £30 million in cash now and up to £14 million over the next two years.
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