Despite solid performances this year from various brands, Emap have announced today they expect to see a 2 per cent drop in revenue for the half year ending 30 september 2006. Trading conditions are likely to remain difficult but the group remains on track to deliver against its full year expectations. Revenue for radio brands remains reasonable.
Commenting on today’s trading update, Tom Moloney, Group Chief Executive, said:
"Today’s statement is consistent with the indications we provided in July and I hope will provide comfort that Emap is on track both strategically and financially.
"Despite no early signs of a consumer recovery, Emap continues to grow through innovative launches, a balanced portfolio and step-change acquisitions. Our share of the UK consumer magazine market has never been higher and we are stronger than ever in commercial radio. Digital revenue has grown by 55%, led by B2B, and is on target to more than double over the next three years, as we continue to migrate resources onto faster growth platforms and reshape the Group for growth. The successful sale of the French Consumer Magazines business and a significant increase in digital NPD demonstrate our commitment to this goal.
"We will continue strategic investment in launches, key brands, and efficiency projects in order to consistently outperform our markets and operate at industry leading margins. Emap cannot defy market trends but we have a long experience of managing through cycles and our costs are firmly under control. We have many strong brands which enjoy excellent market positions. We are excited about the opportunities that new distribution channels and media platforms provide for us to extend the relevance and reach of our brands. We remain committed to improving efficiency, growing market share, growing and shaping our markets, and using our considerable resources, especially our outstanding creative teams, to exploit the many new business opportunities now emerging."
View the whole statement by clicking [link=http://www.emap.com/Site-search-item.asp?ContentId=2792]here[/link]