Consumer mags buck Emap growth trend

Emap is expecting a 6% growth in revenues for the six months to 30 September, but its UK consumer magazines face a 5% drop in revenues.

In a trading update issued today, the group blamed a tough ad market for magazines, due in part to the closure of titles such as Smash Hits and Sneak, but said there was growth in its women's weeklies, particularly Grazia.
Men's and automotive titles remained a weakness and the B2B public sector magazines and event business had been hit by a recruitment freeze at the NHS.
Revenues at the B2B and TV divisions will be up 11%, while radio's anticipated growth of 41% masks the acquisition of Scottish Radio Holdings.
If Emap had owned the company for the whole of the comparable period last year, radio revenues would be up 5%, which would still outperform a market that is slightly down.
Following the sale of Emap France for approximately £380m, Emap will return £285m in cash to shareholders. The sale is expected to contributed about £118m in revenue and £12m in normalised operating profit in the six-month period.
Emap will announce its interim results on 14 November.

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