LONDON - In a trading update Thursday, UK magazines and radio group Emap said trading in the first two months of its current fiscal was in line with expectations. It warned, however, that full-year revenue was likely to be flat as market conditions remain difficult.

"We had a good start to the year in UK consumer advertising but current booking levels indicate a softening of the market," said Adam Broadbent, Emap chairman, in a statement issued ahead of the group's annual meeting.

Responding to the announcement, Emap shares fell 7% to £7.79.