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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".

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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.

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