EMAP’s annual report for year ended 31 December 2010 – Highlights

EMAP International Limited, the media business jointly owned by funds managed by Apax Partners Europe Managers Ltd and Guardian Media Group plc, has published its annual report to year ending 31st December. During the prior period the Group changed its year-end from the 31 March to 31 December. Wherever possible this Fusion DigiNet article compares the 12 month performances of years ending March 2009 and March 2010.


  • Operating profit before amortisation of intangible assets and exceptional items was £81m, (9 month period ended 31 December 2009: £58m)
  • Sales were £244m (9 month period ended 31 December 2009: £164m).

The group saw revenue and profit grow in its two largest divisions: online intelligence and exhibitions and festivals. It also saw strong growth in its smaller Middle East unit.

However, these gains were offset by reductions elsewhere relating to spending in the UK public sector, especially in health and local government. This impacted trading in the Group’s publishing division which saw a marked year on year reduction in spending in public sector recruitment advertising and in its conference unit which saw lower delegate attendees to its one day event programmes serving public sector interests.

The year on year revenue reduction from these two public sector related sources amounted to £10m. Growth in the rest of the business brought the Group’s total revenue back within 1% of the prior year total.

 Acquisition Activity

The Group made three acquisitions during the year. In September 2010 100% of the share capital of Best Energy Event Ltd and related magazines was acquired for £2.6m. The company runs the Energy Event and Water, Energy & Environment, a magazine in the same sector. In November 2010 the Group acquired the remaining stake in Broadcast Video Expo for £1.8 million, bringing ownership up to 100%. In December 2010 the Futuresource Event was acquired for £2.1m. Futuresource operates in the same sector as Recycling and Waste Management and the two exhibitions will be combined.

Emap sold its investment in its Professional Beauty assets to a new joint venture in which it retains a beneficial holding. A loss of £17m was realised on the disposal, however, Emap has retained the brand which is licensed to the new joint venture.

Cash flow and debt

The Group remains highly cash generative, generating £53m, (9 month period ended 31 December 2009: £45m) net cash inflow before financing activities. Cash generation accelerated in 2010, leading to a higher level of operating cash flows of £78m (9 month period ended 31 December 2009: £41m).

Performance of the five divisions

  • EMAP Inform – generated revenues of £53m (year ended 31 December 2009: £60m)
  • EMAP Data and Insight – generated revenues of £80m (year ended 31 December 2009: £78m)
  • EMAP Connect – generated revenues of £78m (year ended 31 December 2009: £77m)
  • EMAP Networks – generated revenues of £14m (year to 31 December 2009: £17m)
  • EMAP Middle East – generated revenues of £19m (year ended 31 December 2009: £17m)

Read the full report here.

UK, London

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