NRJ Group forecasts 'medium-term' benefits from multimedia investments |
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Published
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Fri, 31 Aug 2007 13:57
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PARIS (Thomson Financial) - NRJ Group chief executive Marc Pallain said the group should reap the rewards of its multimedia strategy over the medium term and will continue its investments over the second half of the year.The comments follow the group's announcement yesterday of a dramatic 44.5 pct fall in first half operating profit and its forecast of a fresh drop in sales in the third quarter.Speaking at an information meeting today on the first half results, Pallain stressed that he still 'firmly' believes in the group's multimedia strategy and sought to reassure over future results.'The radio market is difficult, but this drop is temporary and doesn't throw anything into doubt,' he said.'We will continue to expand our group in multimedia,' Pallain continued, stressing that the policy will deliver returns in the medium term as the current expenses 'are genuine investments.'Pallain said no restructuring plan was currently on the cards, and explained that the group will accelerate its investments in radio in order to revitalise its programming and expand outside France.vicky.buffery@thomson.comvb/lceCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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