Newspaper article The Journal (Newcastle, England)

French Woes Sees EMAP Stock Tumble 9pc

Newspaper article The Journal (Newcastle, England)

French Woes Sees EMAP Stock Tumble 9pc

Article excerpt

Magazines and radio group Emap saw its share price tumble 9pc yesterday after it said that trading conditions had worsened at its French arm.

The group, whose titles include FHM, Heat and Empire, said increased competition in France and the weakening of the euro had affected the division.

Emap said, however, that the overall business was "in good shape" after a good performance from titles in its UK portfolio.

Pre-tax profits for the year to March 31 rose 3pc to pounds 144m while turnover increased 9pc to pounds 1.1bn.

In France, television listing titles Tele Star and Tele Poche showed steeper circulation declines since the start of the new financial year.

These weaknesses were starting to have an impact on advertising revenues and forward bookings were behind compared with the same period last year, it added.

Increased competition and the weakening of the euro were also affecting the profitability of Emap France to a greater extent than expected two months ago when the group issued a trading statement. …

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