Emap has reported a 4 per-cent rise in first-half year profit today and has said it remains on track to deliver full year results in line with its expectations
Shares now stand at 8.9 per-cent, whilst the sale of Emap France, says Tom Moloney, Group Chief Executive is "A demonstration of our commitment to delivering value for shareholders".
'The performance of the continuing business and the steps we have taken in the period illustrate our strategy to position Emap for growth. The interim results reflect the challenging conditions in a number of our markets, but, based on current trends, we remain on track to deliver full year results in line with our expectations.
'Emap has strong positions in both UK consumer magazines and commercial radio, evidenced by record levels of share and continued outperformance. We will continue to enhance our competitive positions, through focused investment and portfolio management, but we are not anticipating any near term improvement in the consumer trading environment. Our B2B division, ex public sector recruitment, has grown on an underlying basis and is in good shape with many business development opportunities, including bolt-on acquisitions, which we
will only execute when they meet our return on investment criteria.
'We are taking rigorous steps to improve operational efficiencies across all of our businesses and to focus resources on growth opportunities. This year we are planning to invest a record £25 million in NPD, including increased investment on digital projects. Digital revenue now accounts for over 10% of Group revenue and is up 50% as we pursue initiatives to migrate resources onto faster growth platforms and to extend our digital reach and capability.
'We are committed to maintaining an efficient capital structure with clear gearing targets and dividend cover guidelines. The successful sale of the French consumer magazines business and return of cash is a demonstration of our commitment to delivering value for shareholders.'