Johnston Press Sees FY Profits At Top End Of Estimates

Second half advertising levels have showed continued, modest growth at regional newspaper group, Johnston Press, up by 2.8% in the five months to 30 November 2002.

Ad revenues at the recently-acquired Regional Independent Media (RIM) grew by 1.1% during the period, the group said in a trading statement this morning.

In both the continuing and acquired businesses, recruitment advertising achieved positive growth, as did all other categories, with the exception of motors advertising in the acquired businesses.

Following a ‘satisfactory’ second half so far, Johnston says that it now expects full year profits to be at the top end of market expectations.

Although a change in market conditions is not anticipated going into 2003, the group says that close management of costs, increasing revenue contribution from the full integration of RIM and declining newsprint prices should all help to boost the company’s performance in the full year.

Johnston Press expects to release its full year results on 19 March 2003. Shares were up 3p at 401p by 10:00am today.