Emap encouraged by start to financial year

British publishing group Emap today said performances by titles such as heat, Closer, Match and Zoo had driven an “encouraging” start to its financial year.

Emap told its annual meeting that the weekly publications contributed to good growth in consumer magazine circulation in the UK in the first quarter to the end of June.

It said it was on track to deliver full-year results in line with expectations, despite uncertainty over the economic outlook.

Chairman Adam Broadbent said: “Consumer magazine circulation in the UK continues to show good growth with particularly strong performances from the group’s portfolio of weekly titles.”

Shares rose nearly 3% as the group also reported good growth in consumer magazine advertising in the UK.

However, a slowdown in revenues from recruitment titles – especially in nursing – had become more marked and was unlikely to improve over the course of the year.

In radio, Emap said it outperformed a weak advertising market during the period, continuing a trend seen in the second half of its last financial year. Its radio stations include Kiss, Kerrang and Magic.

Emap said its advertising performance in France had been “robust” in a weak market. French television listings titles such as Tele Star and Tele Poche continued to be stable. It was also pleased with progress on the recently-launched French version of celebrity magazine Closer.

Mr Broadbent said: “Overall, despite this relatively early point in the new financial year, and the degree of uncertainty regarding the economic outlook, Emap continues to be in line to deliver against our full year expectations.”

Analysts are forecasting pre-tax profits for the current financial year to come in at around £222m (€323.4m), compared with £205m (€298.6m) last time.

Emap also said a number of key developments had contributed to its progress. These included its recent £391m (€569.5m) recommended offer for Scottish Radio Holdings and this week’s acquisition of DeHavilland Information Services.

Shares were 21.5p higher at 827p today.