Emap confident about future

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Emap is "cautiously optimistic" about the year ahead, but sees no evidence of an upturn in radio revenues. The media company, which includes Kiss FM and Magic among its brands, predicted revenues for radio will not begin to pick up until the second half of its fiscal year.

Turnover at Emap Performance, which houses the group's radio and music interests, was down one per cent to £139m for the year ending March 2002, with underlying radio revenues down 10% across the year.

Emap chief operating officer Tom Moloney said: "People get depressed about radio as until six months ago it was performing so well. Emap in particular is more exposed to the downturn as we take a larger share of national ad revenues than most, but the sector will start to show signs of a comeback around October."

The company as a whole posted pre-tax losses of £69m for the year ending March 2002, compared to £527m last year, as it wrote-down the final part of its American business. Exceptional items aside however, pre-tax profits beat expectations, up 6% to £151m.

Consumer titles reported good ad revenues and B2b
revenues are stabilizing.

"Emap's forward direction is simple - more of what we do, better and deeper. The group comprises four excellent divisions with good organic growth prospects and development potential," Emap said.