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Weak ad revenues hit Johnston Press

Wednesday, 27th August 2008

British regional newspaper group Johnston Press missed market expectations for first-half sales.

Advertising revenues dropped 10% but beat profit forecasts thanks to cost discipline it said it would maintain.

Johnston, which publishes 18 daily and 300 weekly local UK newspapers, said sales fell 6.3% to £293.1m, missing the consensus forecast of £300.3m.

Operating profit fell 15.6% to £81.6m and pretax fell 18.1% to £62.5m, both beating market expectations. Johnston said it had cut costs by £7.6m and would continue to actively manage costs.

'We expect to deliver a result reflective of these initiatives and the difficult market conditions,' CEO, Tim Bowdler, said after Johnston's ad revenues fell a further 21% in the first seven weeks of the second half.



Story supplied by MoneyAM

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