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Emap blames ‘challenging trading conditions’ for profit slump

Published Wednesday 23 May 2007 at 13:40 by Matthew Hemley

Media group Emap, owner of radio networks Magic and Kiss, saw pre-tax profits plunge 13% to £193 million in its 2007 full year results.

It blamed “challenging trading conditions” for the drop.

Pre-tax profits fell to £193 million in the financial year ending March 31, compared with £223 million the year before.

In its radio division, revenue was up 16% from £141 million in 2006, to £164 million in 2007. Operating profit rose from £33 million to £34 million.

The radio division said it was taking advantage of the ability to network certain programming in order to “drive operational efficiencies”.

Emap’s television group, which includes digital channel The Hits, saw operating profit drop 8% to £7 million.

Speaking about Emap’s overall performance, executive chairman Alun Cathcart said: “The 2007 financial year has been a period of transition for the group against a background of challenging trading conditions and a changing consumer environment.”

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