By Ron Coates, 13 November 2000 17:18
NEWS Announcing investment in online development is to be cut from £250m to £120m, Kevin Hand, CEO of Emap, said: "We will concentrate on eight key markets where Emap's capability and the scale of opportunity is large enough to deliver exceptional returns." Rene Carayol, CEO of Voodoo and former IT director of rival magazine giant IPC, said: "Old style publishers think that it's just about brand and content. On the web it's more than that and I think that it's very good that Emap has learned from its mistake and is carrying on where it can be successful." Emap's internet spending in the first six months hit £20m and the company will spend another £30m before year end. The company is involved in a joint venture with Channel 4 to launch a branded youth site next spring and has another joint venture with French ISP Wanadoo. The B2B site Construction Plus is to be pushed forward and a new retail gift site is to be launched. Emap also announced its half yearly results today with revenues up 3 per cent up on the same period last year at £567m and pre-tax profits almost unchanged at £92m.
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