Emap rises after thumbs up from Lehman Brothers
LONDON - Shares in UK media group Emap soared 15p yesterday after investment bank Lehman Brothers replaced its "market under-perform" recommendation with "market perform".
The news comes the day after Emap announced the resignation of CEO Kevin Hand, who led the 1998 purchase of its beleaguered US arm Emap USA at a vastly inflated price. Emap paid $1.2bn (£720m) for the former publisher Petersen and it is expected to fetch around £500m.
The announcement coincided with a strong set of results, ahead of expectations.
Emap posted a 5% increase in full-year pre-tax profits to £197m on revenues of £1.15bn, up 5% on last time.
The company also revealed that it will take a £545m charge on the reduced value of the business.
Emap's shares were trading at 845p yesterday afternoon up from an opening price of 830p.
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
- PPC Executive - Leading Digital Marketing Agency Ultimate Asset £23000 - £28000 per annum + Amazing Benefits, London
- Account Director - FMCG & Retail to £55k Network Career Consultants £48000 - £55000 per annum, City of London