Media group Emap enjoys 16% profit rise
A sharp rise in circulation for celebrity glossy “heat” helped magazine group Emap to a 16% rise in underlying full-year profits, the company said today.
The group, which also publishes lads’ mag FHM, and rock title Kerrang!, said profits in the year to March rose to £175m (€243m) stripping out goodwill and exceptional items.
Turnover from its consumer media division, which includes specialist tiles Angling Times and Motor Cycle News as well as a string of well-known glossy titles, was up 2% boosted by a 56% rise in circulation for heat.
The group said it had been another strong year for FHM which now has 17 separate editions – with the newest in Thailand.
And “Closer”, a new women’s magazine launched in September made a solid start with circulation already at 300,000 copies a week.
Operating profits overall were down 7% with turnover 6% lower at £967m (€1,344m). But stripping out the effects of the disposal of its US operation in 2001, turnover was up 3% on the previous year.
Chief executive Tom Moloney said Emap had proved its growth potential through both organic growth with launches such as Closer, and bolt-on acquisitions.
He added: “Whilst media markets in general remain volatile, we are confident of making solid progress in the coming year.”
