The chief executive of British publishing group EMAP stepped down today as the group acknowledged that its US businesses had dragged down full-year turnover and profit.
EMAP said total revenues grew five per cent to £1.15 billion sterling while pre-tax profits also grew five per cent to £197 million.
But EMAP's US operations "experienced difficult trading conditions throughout the year," the group said, noting that revenues fell seven per cent and profits 25 per cent over the year to March.
Chief executive Mr Kevin Hand, who led the move into the US advertising sector in 1999, quit the group, to be replaced by Mr Robin Miller.
"EMAP has been through a very difficult period," said new non-executive chairman Mr Adam Broadbent. "The company needs stability and firm direction and Robin will provide that."
AFP