Johnston Press profits fall 56%

Pre-tax profits have fallen 56% at regional publisher Johnston Press, to £43 million.

Like-for-like advertising revenues were down 26.5% year on year, although the rate of decline reduced throughout the period, said Johnston, with the first quarter down 33.9% and the final quarter down 11.2%.

The company also confirmed that Freddie Johnston, the last family member on the board, will be leaving on 30 April.

This means that for the first time in 243 years, there will be no Johnston family member on the board.

John Fry, chief executive, said: “The year ended with the Group in a much stronger position than it began: advertising is more stable; circulation trends have improved; digital revenues are growing; our cost base has reduced significantly and we have renegotiated finance facilities for 3 years.

“We are therefore well positioned to take advantage of any upturn as it occurs. Since the successful refinancing of our debt announced at the end of August 2009 we have been trading in line with the expectations we had at the time. That being the case we have no immediate plans to raise capital.”