US newspaper group Gannett, owners of Newsquest in the UK, have revealed that revenues for the period to 4th November 2001 fell by 9% when compared to the same period last year and said that “results for the period reflect a continued difficult and uncertain domestic advertising environment, further exacerbated by the tragic events of September 11.”
Classified revenues declined 12% in the October period on a 2% decrease in ad volume. Employment revenues fell 31% as economic conditions in the US worsened following the attacks on the US and subsequent military action.
In the UK, classified property revenues increased by 5% and motoring increased by 2%. Overall, classified results for Newsquest continue to be significantly better than revenues within the US.
The decline was the 11th successive period decline at Gannet which has not seen a revenue increase since December 2000. The drop for October was slightly less that in September which saw revenues fall by 10%.
