Johnston Press Sees Revenue Growth

Johnston Press Sees Revenue Growth

With cautious optimism, regional newspaper publishers Johnston Press today announced a 14.3% rise in H1 profits but warned that growth in H2 was likely to be more modest. Following the company’s optimistic trading statement in June, Johnston announced a like-for-like advertising increase of 3.2% buoyed by a 13% increase in recruitment advertising revenue. The motoring sector was down by 5.5% for the period and property rose by a modest 3.4%

Operating profits for the period rose 9.3% from £44 million to £48.1 million, newspaper publishing operating profit rose by 9.7% on a like-for-like basis. During the period to June 2001, Johnston has acquired regional titles in Lincolnshire and Glasgow and in July announced the acquisition of eight free titles from Trinity Mirror in the Midlands, pending agreement from the DTI.

Johnston Press chief executive, Tim Bowdler said: “We have made a satisfactory start to the second half with continued modest revenue growth and costs remaining under close control. Given the uncertain market outlook and the clear evidence of a slowdown in the economy as a whole, we have taken steps to ensure that our businesses are in good shape to accommodate any downward pressure on revenues. As publishers of the market leading titles in numerous and widespread local communities around the UK we believe that we are strongly placed.

Despite the current mood of economic uncertainty, which makes it difficult to comment on longer term prospects, present indications suggest that further progress should be made in the second half, resulting in 2001 being another satisfactory year.”

Johnston Press: 0131 225 3361 www.johnstonpress.co.uk

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