The loss compares with a loss of £527m last time and includes one-off charges and a £144m loss on the disposal of Emap USA. Turnover for the year decreased by 11% to £1bn, compared with £1.1bn last time, reflecting the impact of the disposal of Emap USA in August 2001.
Pre-tax profit on a similar basis, after recognising interest, other funding costs and investment income, was up 6% at £151m from £143m. Earnings per share before amortisation and exceptional items were up 2% at 41p.
In the UK, Emap said consumer magazine advertising was showing good underlying growth in the first two months of the year and although circulation performance was mixed, Emap said copy sales from its key titles remain strong.
However, Emap, which owns Kiss 100 and the Big City radio stations, said there is little evidence of any real recovery in radio advertising and it expects airtime revenues are expected to show negative growth in the first quarter of the new fiscal year. TV revenues, as yet a small part of the total business, continue to grow significantly.
Emap invested a total of £13m in launches during the year, down from last year's £18m for titles such as FHM US. Although it represents a year-on-year reduction, an additional £4m was spent in marketing and editorial to accelerate market share growth in a number of key areas, in particular on Heat, Tele Star, Kiss and Nursing Times.
During the first half of the year, a thorough review of Emap's digital operations was conducted and, as a result, Emap Digital was operationally reintegrated into Emap's core businesses. Digital revenues for the year were £19m, down £1m.
Emap Consumer Media, which comprises the majority of Emap's consumer magazine portfolio in the UK and overseas, saw turnover rise 8%, reflecting circulation gains and a resilient advertising performance from the division. Profit, excluding digital activities, was down 10%, largely reflecting the investment made in the launch of FHM US. On an underlying basis, operating profit rose by 1%.
Heat continues to be a star performer, up 106% year on year with a circulation of 355,000 (July-December ABC) and now regularly selling more than 450,000 copies a week. The title benefited from increased marketing support during the latter half of the year, and this strong circulation growth directly fed through to advertising revenues which increased by more than 180%.
Equally competitive, Emap said, was the women's market where strong editorial and marketing propelled New Woman and Red to year-on-year circulation increases of 8% to 305,000 and 12% to 174,000 copies a month respectively. Advertising on its titles has also been strong.
Robin Miller, Emap Group chief executive, said: "This year, we have demonstrated our strength and determination by winning in most of our markets. We've restored stability, the group has real focus, a sound financial base and we've put the building blocks firmly in place for future growth. The new year has got off to a good start and we are fully committed to delivering what is expected of us, and what we expect of ourselves."
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