Johnston Press suffers 15.5% advertising decline

Johnston Press has today reported its total advertising revenues are down by 15.5% on the same period last year.

Over the past four months, the company has revealed year on year declines in property ads of around 48.4%, employment ads by 32.1%, motors by 24.3% and display ads by 12.1%.

Johnston Press confirmed its ad revenue loss is due to “substantial declines in property advertising combined with significant falls in employment and display advertising”.

The company also revealed its net debt on November 1 stood at £465 million, a reduction of £19 million from the balance on June 30.

Johnston, which currently publishes 300 titles including the Yorkshire Post and The Scotsman, is expected to continue with cost-cutting measures after it saved £7.6 million in the first half of 2008.

Johnston said: “This programme has continued into the second half with further significant savings being delivered.”

Last month, Johnston head hunted John Fry, formerly chief executive of its regional group rival Archant, as its CEO in the hope that he would turn things around at the publicly listed company (see Johnston Press Headhunts John Fry From Archant).

Johnston Press: 0207 583 2100 www.johnstonpress.co.uk