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.”
Latest jobs Jobs web feed
- Business Development Executive Bullfrog Digital LTD Up to £30k + Commission and benifits, Shoreditch
- Head of Strategy, Insight & External Relations London & Partners COMPETITIVE + PRP + BENEFITS, London Bridge
- Senior Account Manager Hot Cow Between £32,000 - £35,000 with discretionary bonuses., Near Chiswick Business Park, a fun and vibrant location to work with events, a lake and bars.
- Project Manager - Integrated / Digital - Superb London Agency Fill Recruitment Ltd £40k - £50k plus bonus and superb benefits!, Central London
- Retail Marketing Manager EMEA Callaway Golf Europe Ltd circa £50,000 pa plus benefits, based in Chessington, Surrey
- Client Account Manager Content is King c. £25k per annum dependent on experience, SW1