Emap slashes online investment by £130m
UK magazine and radio group Emap has slashed spending on new media by half, following a disappointing set of half-year results with pre-tax profits for the six months unchanged from last year at £92m.
LONDON (Brand Republic) – UK magazine and radio group Emap has slashed spending on new media by half, following a disappointing set of half-year results with pre-tax profits for the six months unchanged from last year at £92m.
Emap has cut the amount it is to spend on new media over three years to £120m, half the £250m investment it announced in new media earlier in the year.
It said it had already spent £20m on its digital activities, up £2m on last year’s investment. The company expects to have spent £50m by the end of the financial year.
The company cited lower advertising revenues from its consumer division as a reason for the flat results. It also described the US –- where it is currently launching a version of its consumer lad’s title FHM –- as a difficult marketplace.
Revenues at the media group were up 3% to £567m. Analysts said that Emap had exceeded its pre-tax profit forecasts of £89m-£90m.
Kevin Hand, chief executive at Emap, said, “We have taken the group through enormous change during the past year. We have started the second half of the year in good shape and I am confident that we will achieve full-year expectations.”
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