Emap's radio division is trading reasonably, according to the latest update from the Magic owner this morning. The company, which is considering a sale or break up of the business, also suggests the radio market in general is showing some improvement.
"Trading continues to be encouraging and the group remains on track to deliver against expectations for the full year. In Radio, after an improved second quarter, we expect revenue to be up 2%. Excluding the Republic of Ireland stations, revenue is expected to be flat, with London down 5% and the Big City network up 2%."
The agreed sale of their Irish radio stations are still pending, awaiting regulatory clearances which are expected to be obtained over the coming months. Emap are still looking for a new chief executive, and only this week re-launched digital radio station Heat. [[link=http://www.radiotoday.co.uk/download.php?view.44]Listen[/link]]
Commenting on today's trading update, Alun Cathcart, Executive Chairman, said: 'Overall, trading is in line with our expectations. The consumer magazine market remains challenging, although indications for the second half are more encouraging. There is real momentum in our B2B activities and tangible signs of improvement in Radio. We remain focused on examining all options to maximise shareholder value and are encouraged with the progress of the review.'