British media group Emap announced on Wednesday that advertising revenues in some markets were standing firm despite the ad downturn, sending its shares – which last week sank to a six-year low – up by 10%.
In the last six months, ad revenues from consumer magazines increased 5% in Britain and 6% in France, the company said. Underlying revenues are predicted to increase 3% for the fiscal first half, with gains in market share in all major markets.
Pre-tax profits during the half are expected to meet July’s lowered forecasts [WAMN: 13-Jul-01]. However, there have been falls in revenues from display advertising (17%) and radio (6%).
The group remained wary about the outlook for the next six months. “Without doubt Emap, like most other media companies, is facing the most difficult advertising marketplace for at least a decade. Looking to the second half, [it] anticipates a slowing down in consumer magazine advertising growth in both [the] UK and France.”
News source: Financial Times