Emap’s Profits Beat Expectations

Emap reported a rise of 17% in pre-tax profits in its interim results released today. The publishing and media group defied analysts expectations by posting profits of £89.1 million, excluding exceptional items, but admitted that it had had a bad year overall.

Shares in the group have fallen dramatically during this period from a high of £14.18 in March to 730p in October. Revenue for its consumer magazines division fell by 1% reflecting falling circulation figures in the UK, particularly in the teenage market (see January-June 1999 ABCs – Performance By Publisher). Smash Hits slumped by almost 40% in recent figures from the Audit Bureau of Circulations (ABC).

The group is continuing to invest in its future. Next year sees the US launch of FHM and it has won a number of local digital multiplex radio licences up and down the country.

Chief executive Kevin Hand said: “These results once again display Emap’s ability to produce good profit growth in difficult market conditions during times of great change. The 12% rise in the interim dividend reflects our confidence in our ability to maintain our record of good underlying profit growth. We will continue to make good progress in the second half.”

Emap: 01733 568 900