Media group Emap today announced an annual pre-tax profit increase of 9 per cent.
UK-based Emap, owner of magazines FHMand Closerand radio stations Magic and Kiss, said it sees ongoing strength for its weekly British titles but that weak public sector recruitment advertising would hurt its business-to-business unit.
Its French magazines continued to be a drag on profit, but efforts to sell them have drawn an encouraging level of interest, and the company expects to complete a deal by September, Emap's finance director said.
Emap reported pre-tax profit for the year ended March 31 of £223 million, slightly ahead of what analysts had been expecting, on revenue of £1.154 billion.
The company also said trading in the first few weeks of the new financial year has been in line with expectations and is following the same patterns as last year.
It said underlying revenue should grow at the same rate as 2005.
Last year, Emap acquired Scottish Radio Holdings, which owned Today FM and FM104, and that helped boost its radio revenue 44 per cent to £141 million. The deal also has lifted earnings and is on track to deliver £5 million of annualised cost savings.