| CATEGORY: SMALL CAPS NEWS SECTOR: MEDIA |
Johnston Press ad revenue improving |
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By Caroline Jouan
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Thu 11 Mar 2010
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LONDON (SHARECAST) - Regional newspaper publisher Johnston Press revealed a sharp decline in full year operating profit but said pressure on advertising revenues had started to ease.
The group, which publishes the Scotsman and the Yorkshire Post, said operating profit fell to £71.8m for the 53 weeks ended 2 January 2010 from £128.4m the year before. Revenue fell to £428m from £531.9m
Like-for-like advertising fell by 26.5% on 2008 but the rate of decline reduced throughout the period with the first quarter down 33.9% and the final quarter down 11.2%.
Commenting on current trading chief executive said, "The year ended with the group in a much stronger position than it began: advertising is more stable; circulation trends have improved; digital revenues are growing; our cost base has reduced significantly and we have renegotiated finance facilities for 3 years."
Fry added that the group is well positioned to take advantage of any upturn as it occurs. Trading since the end of August 2009 has been in line with company expectations.
Johnstone said its short term priority remains debt reduction. No final dividend is proposed.
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