Emap battles on

12-07-2007

Emap battles on
Media group Emap has admitted that market conditions continue to be challenging, despite insisting that it is in line to meet full-year expectations.

In a quarterly trading update Emap said group revenue had fallen three per cent overall between April and June and two per cent on an underlying basis.

The firm, which has failed to shake off takeover rumours in recent months, said the renegotiation of advertising deals in its magazine and radio businesses had, as expected, underscored its revenue growth.

"Trading conditions in our consumer markets continue to be challenging but, with renegotiated advertising deals in place, new advertising structures taking effect and our cost savings coming through, we remain on track to deliver against our plans," said chairman Alan Cathcart at the company's annual general meeting (AGM).

Mr Cathcart continued to say that Emap, the owner of FHM and Grazia magazines, had experienced an eight per cent decline in its consumer magazine division.

And excluding its interests in Ireland, the firm said quarterly revenue in its radio stations, which include Magic and Kiss, was down two per cent.

Mr Cathcart concluded: "As required by the interim management statement provisions, we confirm that there has been no significant change in the financial position of the group in the period since the end of our first quarter to the date of the AGM."


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