Johnston Press reports big fall in revenues, losses due to write downs in latest earnings report
The UK newspaper publisher Johnston Press reported dismal earnings yesterday as ad revenue fell over 22 percent overall, 9.8 percent after taking out certain receipts. The quarter ended up with a £248.7 million loss.
“Johnston Press has continued to make good progress during the first half in the implementation of its strategy for growth, completing the re-launch of its print titles and investing further in technology to build its digital platform whilst maintaining a tight control on costs. It is encouraging to see the benefits of our actions starting to come through, with the Group achieving its first like for like operating profit increase in seven years,” Johnson Press CEO Ashley Highfield, said.
“Although the economic outlook is not without challenges, momentum has continued into the second half, underpinned by the re-structuring and re-focusing of the business, an increasingly stable advertising market and growth in circulation and digital revenues. This has enabled us to report like for like operating profit up 4.3%, digital revenues up 13.3% and net debt down 15.3%, with total advertising decline rate narrowing to 6.3% during June and July 2013.”
Johnston Press publishes 13 daily newspapers and 154 paid weekly and 37 free weekly newspapers in the UK and Republic of Ireland.