Going Down: Emap

EMAP SHARES fell nearly 7 per cent to their lowest level since January as UK circulation for its top selling men's magazine FHM fell almost 10 per cent in the first half from the year-earlier period. Average circulation per issue for the title fell to about 701,000 copies, according to the Audit Bureau of Circulations, an independent group that verifies circulation numbers for advertisers.

In the past year, FHM has seen rivals such as Loaded eat into its leading market position. "There are a lot of me-too competitors, so it's not surprising that it can't sustain the same level of circulation," an analyst said. "This is one of their biggest money spinners so a 10 per cent fall is disappointing."