Emap warns over slowdown

PUBLISHER Emap today said it would slightly beat market forecasts in the year which ends on Sunday. However, it warned of a slowdown of growth in the past three months and said it was taking a cautious view on the year ahead. Its shares tumbled 21 1/2p to 820p, having run up more than 20% in the past month.

Emap said total underlying revenues had risen by only 1% last year and the second half had held 'few surprises'. It added that advertising bookings for April and May were showing some improvement over January to March.

Consumer magazine advertising in Britain and France was broadly in line with plans, it said, with ad revenues in Britain up by 4% in the full year after some weakness in the high-fashion end of the market. However, radio advertising remained tough with few signs of improvement on national revenues but some upturn in local radio. Radio revenues fell by 11% in the year to date.

In its business-to-business magazines and websites, recruitment advertising remains uncertain but trade display ads are getting better.