Emap CEO denies effect on event portfolio despite Apax writing off its investment

Tom Hall, 12 June 2009

Emap chief executive David Gilbertson has told Event that Apax, the media giant's private equity owner, will continue its investment in the publishing giant and its event arm, Emap Exhibitions.

Gilbertson, whose company publishes titles including Draper's Record, Retail Week and Broadcast, said that there had been misunderstandings about the financial state of his company after an annual equity evaluation valued the company at zero.

"It's true that we have no equity value above what we were valued at, but we are still worth around $1bn (£0.6m) and Apax will be continuing its investment," he told Event.

"This announcement has no effect on our business, it is just a technical accounting procedure. Emap grew in profitability last year and we continue to invest in our exhibition portfolio, which is resilient and has a strong portfolio of 19 shows."

In December 2007, Guardian Media Group and Apax purchased Emap's magazine and event arm.

Emap's portfolio of events includes The Education Show, the Recycling and Waste Management Exhibition and BETT.

In January this year, Emap reported that 2008's Recycling & Waste Management Exhibition (RWM 08) visitor figures were its best yet, marking the show's fifth year-on-year increase.

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