Johnston Press Sees Positive First Half Figures

In financial results released this morning the regional publisher reported that advertising revenues rose by 1.2% on a like for like basis during the first half. This is an out-performance of the current advertising sector, which is still experiencing fairly steep declines in many areas.

Operating profit at Johnston rose by 28.6% to £62.1 million; excluding the RIM business, operating profit was up by 7.4%. Overall operating margins were up 2.0% points to 33%.

The company had “modest advertising revenue growth in Scotland, good increases in the North of England, but declines in the South, reflecting reduced volumes of recruitment advertising.” A similar trend is emerging for the coming month.

Tim Bowdler, chief executive of Johnston, says that the markets remain uncertain. However, the integration of RIM is going well and he expects the company to make progress in the second half.

Shares in Johnston were up 2p at 345p by mid-morning.