Emap has reported that pre-tax profit in the six months to the end of September fell 16% year on year to £80 million while revenues were down 1% on an underlying basis to £386 million.
However, Emap executive chairman Alan Cathcart said the company was “on track” to deliver against expectations for the full year.
Emap is currently speaking to a range of trade and private equity players interested in its three divisions: business-to-business publishing, consumer magazines and radio (see Emap Asks Bidders To Consider Buying Emap Plc Title).
“We are encouraged by progress on our review of group structure, which is firmly on track, and we remain committed to exploring all options to maximise shareholder value,” said Cathcart,
These options include a full sale of the business, but Emap has so far only received offers for individual parts of the group and a break-up is regarded as the most likely outcome.
“No decisions have yet been taken as to which options the board will put to shareholders but in reaching any decisions the board will have regard to both shareholders and bondholders in the company,” Emap said today.
Cathcart said the company’s business-to-business division was demonstrating good growth and that forward bookings in consumer magazines were showing signs of improvement.
In the first half of the year, revenue for the consumer magazines division was down 6% at £173 million, with 6% growth at women’s weeklies offset by a 14% decline in the monthly portfolio.
The outlook for advertising at the consumer magazines was described as “weak but improving”.
The radio business, home to the Magic and Kiss stations, had delivered growth in revenue, profit and audiences, Cathcart said.
Yesterday, Media and business information company, United Business Media, ruled itself out as a potential bidder for Emap’s £1.5 billion B2B division (see UBM Will Not Bid For Emap’s B2B Division), whilst last week the private equity firm, Cinven, pulled out of the race for Emap’s consumer magazine division, apparently unhappy with the £700 million price tag (see Cinven Pulls Out Of Emap Consumer Magazine Bidding).
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