Johnston Press Reports 33% Rise In Pre-Tax Profit

Johnston Press released its financial results for 1998 today, and recorded an increase in pre-tax profit of 33%, rising to £45.9 million. Headline earnings per share were 15.73p ( a rise of 20%), and the group saw advertising revenue rise by 7% throughout the year.

Johnston Press bought eight titles from Eastern Counties towards the end of last year (see Newsline). This year, the publisher was one of the groups to approach Portsmouth & Sunderland with a takeover offer (see Newsline). The offer was rejected.

Chairman of Johnston Press, Fred Johnston, commented: “Johnston Press remains well placed to continue its policy of acquisition by expansion while at the same time concentrating heavily on developing its existing portfolio of market-leading newspaper titles which remain the core of our business.”

Johnston Press: 0131 225 3361