Profits up at magazine publisher Emap

A market-beating performance by Emap’s UK consumer magazines division ensured the media group posted a 9% rise in annual profits to £223m (€327m) today.

The company said titles such as Closer, Heat and Zoo all enjoyed good increases in circulation while the UK’s first weekly glossy magazine, Grazia, made a strong contribution following its launch a year ago.

Emap said the division outperformed the circulation and advertising markets, with revenues up 4% to £387m (€567m) and profits ahead 11% to £81m (€119m).

The company added that its radio assets – comprising 40 local and eight national stations – achieved underlying growth with the addition of stations acquired from Scottish Radio Holdings last year ensuring operating profits from the arm rose by 50% to £33m (€48.4m) in the year to March 31.

Elsewhere, Emap’s consumer magazines division in France continued to be a drag on the business with operating profits down 25% to £38m (€55.7m).

The operation was put up for sale in February with the company adding today that it was making progress with the disposal.

Chief executive Tom Moloney said the business would increase its full-year dividend by 20% to 30p a share to reflect cash flow and stronger growth hopes.

He added: “Trading in the first weeks of the current financial year is in line with our expectations and continues the patterns seen last year.”