Emap has this morning posted a strong set of first half financial results, which show pre-tax profit before exceptional items up by 23% to £86 million during the six months to 30 September 2002; operating profit rose by 23% to £95 million.
The results are slightly stronger than analysts’ expectations and come during tough market conditions for the UK media sector.
Consumer magazine advertising is ‘buoyant’ and ‘reasonable’, whilst business to business (B2B) ad conditions remain poor, said Emap. In the radio market, revenues are flat, whilst television airtime trading is described as exceptional.
Commenting on the results Robin Miller, Emap group chief executive, said: “We are pleased to be delivering an improved set of results in a difficult market. We’ve made considerable progress in the last 18 months in restoring stability, regaining confidence and positioning Emap for a successful future.”
Emap Consumer Media The Consumer Media division accounts for around 35% of Emap’s revenues and saw its revenue rise by 6.5%. Circulation revenue was up by 9.0% and advertising revenues rose by 5.0%. These figures discount the effect of launches, closes, acquisitions and disposals and an extra edition of FHM which was published in H1 2001.
Heat magazine continues to be the consumer division’s biggest success story, with some recent issues selling over 600,000 copies per week.
Emap’s joint publishing venture with French media group Hachette Filipacchi was dissolved on 15 October, following the acquisition of Attic Futura – a UK rival to Emap – by Hachette.
Emap Performance Figures at the Performance division have been dragged down by the weak advertising conditions in the radio sector, in which Emap reported a 7.0% decline in H1. Current trading suggests that H2 will be more or less flat, says Emap.
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