Emap's radio division is trading in line with expectations, according to a statement released by Executive Chairman Alun Cathcart today. In London, radio revenue was down nine per cent in the last quarter, due to "renegotiation of certain advertising deals in relation to Magic 105.4".
Overall, revenue was down two per cent, with the Big City network of radio stations being flat.
Cathcart said: "Our 2008 financial year has started in line with our expectations. As we anticipated, and going against a strong first quarter last year, Continuing Group revenue in the quarter to 30 June 2007 was down 3% in total and down 2% on an underlying basis. At this early stage, we remain on track to deliver against expectations for the full year."
Emap are actively progressing the search for a new chief executive and will provide an update on the process when appropriate.
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