Emap confident for full year as interim profits rise by 9%
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Publishing and radio giant Emap has posted a 9% rise in pre-exceptional profits at the half-way stage to £94m.
The owner of FHM, Heat and the Magic and Kiss Radio networks said it expected to meet full-year targets and saw no major obstacles ahead.
"No material change" in trading conditions is expected, it said.
Shares in Emap, which also runs business-to-business trade exhibitions, have been trading around 800p, up from lows of 487p plumbed in 2001.
The company said although the trading environment had not noticeably improved and remained tough, "new product development initiatives and recent acquisitions are well on track and we remain confident of meeting our targets".
'Project Tyson'
The publisher's upbeat results come as the global advertising market is struggling to emerge from its worst downturn in decades following the burst of the dot.com bubble and the aftermath of September 11.
Consumer magazine advertising and radio remains reasonable, Emap said, but airtime revenue remains depressed, with no change in recent trends.
New products have driven Emap's core revenue growth with magazine launches like Closer, Sneak, FHM in the US, and Stocklots together with The Hits on TV and digital radio.
The company has earmarked £18m-19m to spend in new product development for the full year, with a new men's weekly magazine launch codenamed 'project Tyson' on the way.
Emap has raised its dividend by 9% to 7.6p a share.
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