National advertising on the Big City network of stations is down 8 per cent, Emap reports today. Local advertising is also down 2 per cent in the latest year-end results. However the company, which lost Group Chief Executive Tom Moloney last week, is trading in line with expectations.
The Magic 105.4 and Kiss 100 owner also announced a strategic review of its Australian consumer magazines business and French exhibition business Agor. The sale process for Emap's Republic of Ireland radio stations has also commenced. The company also aims to launch a national radio initiative leveraging consumer brands across platforms.
Commenting on the results, Alun Cathcart, acting Executive Chairman, said:
"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. Despite this, we have delivered 4% revenue growth from our continuing business.
Our strategy is to migrate resources onto faster growth platforms and to develop new business models based on content, community and commerce. We will vigorously pursue this strategy which will mean increasing our digital activities, investing behind our growth assets and increased international exposure. We will drive the business to deliver growth and value for our shareholders."
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