Emap warns shareholders of sterling hit

Emap's French earnings will be hit by the strong pound, chairman Sir John Hoskyns warned shareholders at the company's 50th annual general meeting. He said: "Today, sterling is 20 per cent stronger against the French franc than the average rate over the last financial year. Our financing structures will continue to provide some hedge against this, but there will, nevertheless, be an effect on the sterling value of our French earnings."

He added that prospects for trading in the year ahead "remain good. Growth in the UK is strong. France remains slow but is improving. At an operating level the group continues to perform in line with expectations". The UK advertising market was "well ahead" of last year and there were signs of improvement in France, he said. Emap floated in 1947, and the 50th AGM included a presentation and review of the company's first half-century.

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