UK magazine giant Emap reported a pre-tax loss of £69 million (€109m; $101m) on an 11% year-on-year fall in turnover to £1bn for its fiscal year to March 31.

The shortfall, which includes a £144m loss on its sale of Emap USA, is far narrower than the previous year’s £527m. Excluding American operations, group turnover rose 3% last year to £938m.

Emap expressed “cautious optimism” about prospects for the current year, based on a healthy performance by its flagship consumer media division, which posted an 8% rise in revenues to £324m last year. Such growth has continued, with an increase in underlying ad revenues at the magazine arm in the two months since March.

However, Emap’s optimism does not extend to its radio unit, parent of networks Kiss FM and Magic FM. Ad revenues at the division tumbled 8% last year, dragging down total turnover by 1% to £139m, and Emap said there was “little evidence” of a recovery in radio advertising so far this year.

In other areas of the business, digital revenues slid £1m to £19m last year, while TV income continued to grow, although still a minor part of the business.

Data sourced from multiple sources; additional content by WARC staff