Radio ad sales a turn-off at Emap

Nick Goodway12 April 2012

RADIO advertising sales in the UK are down by 7% over the past six months and still 'softening' for FHM-to-Kiss-FM media group Emap. And chief executive Robin Miller predicts that it 'won't get better in the second half'.

Trade Press recruitment advertising had also 'come off' but was doing 'reasonably well in its specialist niches'. But Miller said: 'We are now in the business of delivering, not disappointing. A lot has been achieved in the last six months with the company beginning to regain some of the momentum it has lost in recent times. There is more to do.'

Having sold its US business Petersen at a £633m loss in July, Emap's figures for the six months to the end of September focused on its ongoing businesses. These showed pre-tax profits up by 8% at £55m at the bottom end of City forecasts.

Revenues rose 3% to £456m and earnings were 2% higher at 13.3p a share. After exceptional items, Emap returned a pre-tax loss of £100m against a £21m profit a year earlier. The dividend is unchanged at 6.5p a share.

Miller said he expected the rest of the year to be 'difficult' but was confident Emap would meet its targets. The shares dropped 5 1/2p to 734 1/2p.

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