Emap starts to pick up after swinging the axe

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Accounts for the publisher of trade magazines Retail Week, Nursing Times and Broadcast showed an 18% fall in revenues to £164 million in the nine months to December 31.

Operating profits at debt-laden Emap International dipped only 5% to £58 million as almost 250 staff were axed from the 1500-strong workforce.

Publishing division Emap Inform saw revenues dive 25% to £41 million, with a £5 million fall from public-sector job ads even before the arrival of the deficit-cutting Government. Turnover at Emap Connect, which runs exhibitions, crashed 28% to £41 million.

But Emap Data and Insight, which owns fashion trade website WGSN, held steady with £59 million.
The accounts confirmed Emap's co-owners Guardian Media Group and Apax bought back £150 million in debt after slashing the value of the
£1 billion business.

The Evening Standard revealed last year that auditors had warned there was a "significant doubt" Emap could continue as a "going concern" if economic conditions deteriorated. Emap said the buyback has resolved that potential problem over bank covenants.