British media company Emap has announced a 13 per cent drop in pre-tax profits as "weakness" in men's magazines hinders growth.
Emap, which publishes popular gossip and fashion magazines such as Heat, Grazia and First, revealed pre-tax earnings in the 12 months up to March 31st of £193 million compared to £223 million in 2006.
Last August the firm also completed the sale of Emap France for £380 million and closed or sold a number of consumer magazine titles, including the US edition of lads mag FHM.
Total consumer magazines circulation revenue was down four per cent, the company noted, but highlighted men's and automotive titles and national advertising across the Big City radio network as areas of weakness.
However the firm also reported "strong growth" from its women's weekly titles, particularly Grazia.
"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," executive chairman Alun Cathcart said.
"Our strategy is to migrate resources onto faster growth platforms and to develop new business models based on content, community and commerce," he added.
"We will vigorously pursue this strategy which will mean increasing our digital activities, investing behind our growth assets and increased international exposure."
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