UK media giant seems to have recovered from its costly investment in US publisher Petersen, which it bailed out of last year pushing the company overall into a £100 million pound loss. But post-Peteren the company has managed an admirable turn round that has put this year’s pre-tax profits at £61 million.
Chief Executive Robin Miller told reporters: "We are pleased to be delivering an improved set of results in a difficult market. We've made considerable progress in the last 18 months in restoring stability, regaining confidence and positioning Emap for a successful future - a future with real momentum.”
Much of the turnround was due to the company’s consumer magazine division – it’s trade titles are still struggling. Entertainment magazine Heat, in particular, has had a very good year. On the broadcast side the advertising slump hit the group’s radio businesses, but its jukebox TV network went from strength to strength with revenues up 7% to £74 million.