Slump in lad magazines hits Emap

Many consumers are turning away from magazines

Annual profits at magazine group Emap have slumped 13% to £193m amid weak sales, especially in the men's magazine market, and growing competition.

Last week the company lost its chief executive Tom Moloney "by mutual agreement" after 26 years at the firm.

The publisher has been battling a tough market since the start of the year, prompting profit warnings and jobs cuts as it tries to save £20m by 2008/9.

But the firm denied rumours that it was a target for private equity buyers.

No bid approach had been received, it said.

Stiff competition

Emap said that its sales has dropped by 1% to £1bn in the year to 1 April, as digital competition heated up.

Yet it added that it had seen strong growth in its business-to-business information products, women's weekly titles and some radio stations.

It said weak areas remained men's and automotive titles.

Emap's stable of media brands includes the radio stations Kiss and Magic; magazines such as FHM, Heat and Empire, and a string of business titles including Construction News.

"The 2007 financial year has been a period of transition for the group against a background of challenging trading conditions and a changing consumer environment," interim chief executive and executive chairman Alun Cathcart said.

The company also announced a strategic review of its Australian consumer magazines business and French exhibition business Agor.