Johnston Press Remains ‘Acquisitive’ As Profits Rise

The group’s year-end financial results show pre-tax profit up by 32.1% to £97.2 million and operating profit up 44.7% at £129.5 million in 2002. Johnston says that advertising revenues were up by 2.1% on existing businesses and by 1.4% on acquired businesses, although chairman, Roger Parry, describes the ad markets as ‘remaining subdued’.

At a time when all media companies have suffered at the hands of weak advertising and marketing spend, Johnston has emerged stronger than most. Whilst many groups have seen profits and share prices dwindle, Johnston has been fortunate enough to escape these effects.

Further acquisitions? Reports from Johnston’s conference call this morning quote chief executive, Tim Bowdler, as saying that the group is on the look-out for further acquisitions, following the purchase of Regional Independent Media (RIM) last year (see Johnston Press Acquires RIM Newspaper Business). “We do remain acquisitive,” Bowdler is quoted as saying.

Shares in Johnston Press were up by 9p at 348.5 by 11.00am today.