Emap, the media group that has put itself up for sale, has reported a 16% drop in pre-tax profits to £80m for the half year to September 30. It has attributed the slump to weak advertising sales over the period.
The group, which has business-to-business and consumer magazine divisions and a radio group, claims that it “remains on track” to deliver full year results in line with expectations despite the drop. It also reported continuing group revenue of £386, which is up 1%, and down by 1% on an underlying basis.
Emap is currently seeking offers for parts of its portfolio but has also said it would consider a deal for the whole company, which is has yet to receive.
Alun Cathcart, Emap chairman, says that the group’s business-to-business group has seen good growth and that the consumer magazines division is showing “signs of improvement” in forward booking.
He adds: “We are encouraged by progress on our review of Group structure, which is firmly on track, and we remain committed to exploring all options to maximise shareholder value.”