Portsmouth and Sunderland Newspapers plc has announced the conditional sale of the Croydon Advertiser Group to Southnews plc for £12.95m in cash – Southnews Plc current titles include the Enfield Express Series and Hendon Independent. Advertising revenue for the Croydon Group dropped 10% according to Portsmouth & Sunderland Plc half yearly profit figures out today. The titles will however continue to be printed at P&S subsidiary Portsmouth Publishing & Printing Ltd.
Half year results to 30 Sept for P&S show turnover up 16% at £70.6m, with pre-tax profits of £4.8m-up 11%. Increases have however been the results of improvements in the retailing side of the company’s business.
Publishing revenue rose by only 1% to £27.3m – advertising revenue remaining flat at £19.4m with newspaper sales revenue up 2% to £6.3m.
P&S share price, following the profits and sales announcement, rose by 8p to 556p this morning. P&S: 0171 938 3039
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