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Tuesday, April 14, 2009

Incisive and Emap Improve Profits

The Independent reported at the weekend that both Incisive Media and Emap, the Apax owned debt laden companies, have improved their profits. As both companies are private, we cannot see the detailed results, but we must surely assume that this is driven by cost savings. Apax will invest a further £20m in Incisive to retain control if they go ahead with a proposed debt for equity swap with lender RBS.

Incisive Media has previously published its results as recommended by the Walker Report. It is late doing so this year. It would look cynical for them not to honour that commitment just because times are tough.

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At 10:50 am, Anonymous Anonymous said...

Don't forget incisive purchased ALM for $630m in Aug 2007 so the 2008 figures benefit from a full 12 months of the additional revenue.

At 11:07 am, Blogger Businessmediablogger said...

Oh Yes. Quite right. Well spotted. That would also explain the modest increase in profits. On a like for like basis we should conclude that profits are down not up.

Emap is harder to explain. I suspect there is a large biennial show which flatters this years numbers a bit.

At 12:00 pm, Anonymous Anonymous said...

They also purchased MSM International for about £24 million, around September 2007. That could have helped them a bit.

That said, everything we hear from them shows panic cuts, and diving revenues streams so suprised at the ultra positive gloss.

At 3:23 pm, Anonymous Anonymous said...

MSM was acquired in November 2006 for £18m.

The Walker report has to be published by 30th June 2009 for the year ended Dec 2008.

Sometimes things are not as bad as the competition think!!!

At 3:54 pm, Anonymous Anonymous said...

Thanks Tim. How is that The Independent know so much about Incisive's results?

At 5:21 pm, Anonymous Anonymous said...

Breach of banking covenant and Apax pumping in another £20m tells you all you need to know. Ridiculous piece of spin.

At 7:33 pm, Anonymous Private Frazer said...

Incisive are in deep do-do - expect some announcements about sales/closures shortly.

At 7:24 pm, Blogger AMIT said...

Good article written.

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