Bad year for Emap as profits plunge 13%

Pre-tax profits at Emap have plummeted 13% for the year, capping an unsettling period for the company, which lost group chief executive Tom Moloney last week.

Emap's pre-tax profits in the year ending March 31 dropped by 13% to £193m, with total revenue sliding by the same amount to £1bn year-on-year. However, the publisher of FHM, Heat and Gracia, said a "strong performance" across its digital and B2B portfolio gave good grounds for optimism.

Revenues at the company's digital division increased by 32%, with overall (continuing) group revenues rising 4% to £884m. The publisher said the results were in line with expectations.

Emap said it would be focusing on growth platforms over the next financial year, with B2B publishing and events to be made a priority for investment acquisitions.

Cathcart said: "Our strategy is to migrate resources onto faster growth platforms and to develop a new business model based on content, community and commerce.