The company said that its shift towards becoming a pure consumer publisher, and its aborted attempt to dispose of its remaining business properties, had had a “disappointing” impact on its business division. But its consumer operations, including Cabal and Paragon, which it acquired last year (see
Highbury House To Buy Paragon Publishing For £32m), were performing well, and would be down slightly compared to 2002, on a like-for-like basis.
Highbury has signed a new newsstand distribution agreement, which will benefit the company during 2004, and it is confident for the overall prospects of the company during 2004.
“We will also benefit from the full year effect of the 2003 acquisitions, the resulting synergies and the full year savings from the reorganisation of the business division,” the trading statement said.
The company was forced to abandon a planned disposal of its remaining business-to-business assets at the end of last year. It has been shifting its core business towards consumer properties in recent years, adding publishing companies Cabal and Paragon to its portfolio. But it has been unable to get the right price for the remainder of its b2b titles and abandoned the disposal at the end of 2003.
