LONDON: Struggling UK media group Emap has reported a 13% slide in full-year profits to £193 million ($380m; €282.9m) and pledged to change its growth strategy amid tough trading in its magazine and radio markets. Sales slipped by 1% to £1 billion in the year to 1 April.
The group says it will now focus on faster-growing areas such as business-to-business information and events, and on digital services.
Comments chairman/interim ceo Alan Cathcart (holding the fort after the sudden departure of Tom Moloney last week): "The 2007 financial year has been a period of transition for the group against a background of challenging trading conditions and a changing consumer environment."
Industry insiders are still touting the possibility of a private equity bid for the company, despite Emap's apparent determination not to break up the business.
Data sourced from Financial Times online; additional content by WARC staff