with RCS

Emap profits down 16 per cent

Magic owner Emap has reported its first-half pretax profit fell 16 percent to 80 million pounds. The company says performance in the first half gives them confidence to deliver against expectations for the full year.

Group revenue for the six months up to September 2007 stood at 386 million pounds, up one per cent on last year's 382, with underlying revenue down one per cent.

The board continues to be encouraged by progress of the group review, with interest from [i]both private equity and trade buyers for all parts of the Group[/i].

Alun Cathcart, Executive Chairman, said: "Our Radio business has delivered growth in revenue, profit and audiences. We have also realised significant value for shareholders through our recent disposals.

"We are encouraged by progress on our review of Group structure, which is firmly on track, and we remain committed to exploring all options to maximise shareholder value."

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