Emap plc
Emap: AGM statement
The statement contained few numbers, however it did contain worrying comments on both sales and ad-revenues.
The problems with sales are that some magazines (men’s and automotive are mentioned) are in decline, offsetting growth elsewhere. Together with weaker ad revenues with both radio and magazines this is expected to lead flat sales for the full […]
Emap: Sale of French magazines
The French consumer magazine business has been sold for 550m euros, approximately £380m. This is a revenue multiple of 1.2× and an EV/EBIT of 10×.
This is a good price for a declining business.
£285m is to be returned to shareholders.
It does not significantly change our view on the value of Emap, which is now trading on […]
Emap: 2005/6 results
There was little organic growth over the year apart from the successful new launches that the UK consumer magazine business reliably produces. There is no news on the sale of Emap France which continues to decline as expected.
UK consumer magazines (39% of operating profit excluding Emap France) produced good organic growth from the launch of […]
Rajar radio market shares
Once again Rajar numbers show the BBC taking audience share from commercial radio, increasing its share of total listening hours to 55.4%: an increase of 0.3% over the previous quarter and 1.2% over the same quarter last year.
Several of GCap Media’s most important stations performed badly. Both Classic FM and Capital Radio have lost […]
Emap: trading statement
Emap’s revenue growth was up in line with the first half with underlying growth of 2%. As this excludes new launches, organic growth is likely to be significantly higher. However this also excludes the decline in the French magazine business which Emap plans to sell: although the French business should not have a long term […]
Emap: Emap France for sale
Emap has announced that it intends to sell its declining French consumer magazines business. Given that this business generates 13% of operating profit and and the proceeds of the sale are to be returned to shareholders, the effect on the rating should be limited.
On the other hand the effect on growth prospects is likely […]
Rajar radio market share numbers
The BBC continues to gain share from commercial radio with its 55.1% share in the last quarter of 2005 up half a percentage point on the previous quarter and 1.1 percentage points over an year.
This is likely to bring more protests from commercial radio stations about “unfair” competition. However any political effect this has is […]
Emap H1 results
The biggest change for Emap in the half year was the acquisition of SRH’s radio operations (Emap bought SRH and sold the non-radio businesses). SRH added 21% to radio revenues (on top of 2% organic growth) but its full impact will only be seen from the second half onwards. SRH should add significantly to Emap’s […]
Radio audience share numbers
Total radio listening is up 0.37% on the previous quarter and 0.41% on the third quarter of last year. However the number remains within its normal range of variation and we do not see too much evidence of a trend in this. However do do continue to believe that the long term outlook for total […]
Emap trading statement
Emap’s growth seems to be following a similar pattern to last year. UK consumer magazines continue to increase circulation (5%) and ad revenues (6%), with growth being driven both by the growth of existing titles (3%) and new launches. France has remained weak and business media (mostly industry magazines) has seen cyclical growth as expected.
The […]
Radio audience share
Total radio listening shows no clear trend with total listening hours recovering most of the ground lost earlier in the year to be down just 0.4% over the same quarter last year. The BBC’s share of listening continues to creep upwards from 53.1% to 54.2% in an year. This clearly means some loss to commercial […]
Emap acquisition of SRH
Scottish Radio Holdings has agreed to an acquisition by Emap at 1,088p, 4% more than the offer SRH recently rejected.
Emap will pay approximately £391m for SRH, but recover £155m by selling SRH’s newspapers to Johnston Press. In effect Emap is paying £236m for SRH’s radio stations.
Emap is paying a hefty premium in order to gain […]
Emap offer for SRH
SRH’s board has rejected Emap’s request that it recommend an offer at 1040p.
Although this is only a 4% premium on the current price, it is an 18% premium on the price before Emap announced that it had approached SRH with an offer of 1040p. Even this 18% premium was reduced because Emap’s (potential) interest in […]
Emap full year results
Emap’s March trading statement already revealed the most important information, that the French magazine business (23% of operating profit) continued to do badly but sales were bottoming out while UK consumer magazines were growing strongly.
The performance of Emap’s radio stations has been reasonably good in the context of weak commercial radio audiences and pressure on […]
Scottish Radio Holdings H1
As we already knew from Scottish Radio Holding’s trading statement, like-for-like growth has been lower than last year but it has remained significantly positive at 4%, a reasonable result given market share that was little better than flat (and total listening hours down slightly) and radio ad rates under pressure.
We have already commented on the […]
SRH audience share
SRH’s announcement on the latest RAJAR audience share numbers concentrates on the gains in market share at its most important Scottish stations and its resulting market share gain in Scotland, where it went from 26.7% to 27.6% since the previous quarter.
However its total share of the UK audience only improved from 15.1% to 15.2% and […]
Emap trading statement
Overall trends for the full year were similar to the first half with UK consumer and B2B businesses performing well but with most of the growth offset by declines in France and music magazines
Scottish Radio Holdings trading statement
Growth has slowed but still remains good in both press and radio
Scottish Radio Holdings
Scottish Radio Holdings is a radio broadcaster and a newspaper publisher. it owns a number of local radio stations and newspapers, mostly, but not all, Scottish. Like the other radio broadcasters Scottish Radio Holdings has reported that demand for radio advertising is currently weakening.
The 2004 results were healthy enough with radio and newspapers (the […]
Emap
Emap is a magazine publisher and radio broadcaster with a track record of growth. Its UK magazines business publishes a huge range of titles that ragen from Heat to the Nursing Times. It is also an organiser of business exhibtions and publishes consumer magazines in France.
In the first half of the 2004/5 financial […]
Random picks: Allied Domecq | DSG International | Kelda | Legal & General | Matalan | Randgold | St Ives | Viridian | DS Smith | Cambridge Antibody