Business to business publisher Emap has reported revenue up 2 per cent to £28m and profit up 16 per cent to £7m for the first half of the financial year.
Overall revenue for the first half of the year at parent company Top Right Group (formerly Emap) was up £8m to £148m and the EBITDA profit figure was stable at £53m.
Duncan Painter, Chief Executive, Top Right Group, said: ‘It is clear from these results that the restructure of Top Right into three standalone operating companies is already succeeding in enabling growth. Our strategy is clear – to build the platform on which the businesses will grow by investing in them and unlocking their potential. These results are a good step in the right direction.”
Tom Hall, Partner Apax and Chairman Top Right Group, said: ‘Top Right Group’s brands and businesses are market leaders and we are investing in the company to create value and stimulate growth. Duncan Painter and his management team have put forward an ambitious growth programme requiring substantial investment in the business over the next four to five years and we are fully behind this.”
Andrew Miller, Chief Executive, Guardian Media Group, said: ‘These results underline the solid performance of the businesses over the last 6 months and endorse the strategy to invest for growth.”
Looking at EMAP, the company said in a statement:
EMAP is a leading business to business publisher delivering quality, market-leading journalism across multiple, digitally enabled channels to business communities worldwide. The hub of industry and inside source for the Retail, Fashion Retail, Architecture, Built Environment, Media, Environment and Public Sectors, EMAP offers trusted intelligence through its first-in-class brand portfolio; senior-level awards; influential networks and innovative online products.
The company has successfully managed its transition from a one product, one revenue model, to a multi-platform business where its market leading brand deliver their content via print, web, social media and face to face events delivering revenues growth of 2% in the first half of 2012.
Subscription revenues now make up 27% of EMAP’s total revenue compared to 18% in 2008, with forward bookings for the second half of 2012 up 11% on the same period last year.
EMAP’s Awards, which makes up 20% of the division’s total revenue has grown 10% in the first six months, on the back of five years of solid double digit growth.
The company’s ‘Marketing Solutions’ business which offers tailor-made packages including digital, research partnerships, lead generation, print specials and bespoke events has grown 9% in the first six months this year.
Overall debt for Top Right dropped to £352m from £515m following the sale for £150m of CAP.