Emap's pre-tax profits in the year ending March 31 dropped by 13% to £193m, with total revenue sliding by the same amount to £1bn year-on-year. However, the publisher of FHM, Heat and Gracia, said a "strong performance" across its digital and B2B portfolio gave good grounds for optimism.
Revenues at the company's digital division increased by 32%, with overall (continuing) group revenues rising 4% to £884m. The publisher said the results were in line with expectations.
Interim group chief Alun Cathcart said the figures had come during "a year of transition" for Emap, citing the sale of Emap France for £380m, the demise of the US edition of FHM, and a £42m investment in B2B publishing, which includes Construction News and Business Travel World.
Emap said it would be focusing on growth platforms over the next financial year, with B2B publishing and events to be made a priority for investment acquisitions.
Cathcart said: "Our strategy is to migrate resources onto faster growth platforms and to develop a new business model based on content, community and commerce.
"We will vigorously pursue this strategy, which will mean increasing our digital activities, investing behind our growth assets and increased international exposure."
Emap's results follow the departure of Moloney, who resigned last week after 25 years service. Paul Keenan, chief executive of Emap's consumer magazine division, is now being tipped to succeed Moloney with former BBC Worldwide chief executive, Rupert Gavin, also tipped.
Meanwhile, the publisher has acquired environmental risk information business GroundSure for up to £44m over two years, with £30m paid upfront. The business provides risk assessment data for landowners, property developers and buyers.
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