Shares in Emap fell 4.7 per cent today to 882p after Ian Griffiths, the finance director, told investors he was preparing for tough markets. "There's nothing we're seeing today that makes us think things are going to get any easier," Mr Griffiths said.

The group said it has outperformed the market in UK consumer magazines and radio, but this has been held back by the loss-making French magazine division, which was put up for sale last month.

Mr Griffiths declined to give any details on the progress of the sale. A number of private equity firms have expressed interest.

Emap's market share in UK magazines, which include FHM and Grazia, has grown from 17.7 per cent to 18.5 per cent.

In France, revenues are expected to have fallen by 3 per cent in this financial year, while group revenues are expected to rise by 8 per cent.

The board said it remained confident it will deliver preliminary results for year to the end of this month in line with expectations.

For the year to last March, pre-tax profits were £205 million on a turnover of just over £1 billion.

The group said its radio stations have outperformed the market and the recent acquisition of Scottish radio station SRH is expected to deliver £5 million of cost savings.

The shares have traded this year between a range of 952p and 748p.

To track Emap shares, click here

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive