Emap committed to 'growth not sale'

ALUN Cathcart, the executive chairman of Emap, has insisted the board is committed to "building and not breaking up" the struggling media group as full-year profits plunged 13 per cent. Five days after Tom Moloney left as Emap chief executive, Cathcart dismissed mounting speculation that a takeover of the gossip magazines Heat and Grazia and the radio station MagicFM was on the cards.

Underlying revenue across the business fell 1 per cent to £1 billion, while pre-tax profits dropped 13 per cent to £193 million. Shareholders will pick up a full-year dividend of 31p per share, up 3 per cent.