Emap warns of profits disappointment
Publishing group Emap warned today that its annual profits would be at the bottom end of expectations as its continued to battle challenging trading conditions at its consumer magazines and radio divisions.
The group, best known for the magazines FHM and Closer, said its expects the performance of both businesses to be below forecasts due to weaker-than-expected market conditions during the year.
However, the company said its business-to-business division had continued to perform well, with its performance driven by recent acquisitions.
The media group said it was close to completing a series of reviews aimed at cutting costs across the group.
It said the plans should enable it to generate cost savings of up to €30m a year, delivered over the next two years. It did not reveal the possible impact on jobs.
