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Johnston Press revenue dented by Google and Facebook changes

Wed, 29th Aug 2018 07:53

(Sharecast News) - Newspaper publisher Johnston Press reported a drop in first-half revenues on Wednesday as it took a hit from algorithm and news feed changes at Google and Facebook, but said it swung to a pre-tax profit.In the 26 weeks to 30 June, total revenue fell 10% to £93m, with digital advertising revenues down 7.4% compared to the same period a year ago to £12.2m on the back of changes at Google and Facebook.Total adjusted advertising revenue was down 15% period-on-period, which the group said reflected "challenging" industry conditions. Revenue from classified advertising saw the sharpest drop, down 28.5% compared to the same period a year ago.However, the company said it swung to a pre-tax profit of £6.2m from a £10.2m loss, while operating profit rose 50.1% to £7.4m thanks in part to a strong performance at the I newspaper.Chief executive officer David King said the company was being affected by historical debts, including its pension obligations, which continue to weigh on the balance sheet. He also pointed to "tough" market conditions affecting the performance of its newspapers and websites.King said: "The market backdrop for regional/local newspapers is extremely difficult, as evidenced by the 15% drop in our adjusted advertising revenues from H1 2017. We have continued to make progress growing digital audiences to a record 27.3m average unique users per month. However, the continued challenges posed by Google and Facebook, seen most recently through algorithm and news feed changes, has contributed to total digital revenue decline, while balance sheet constraints has restricted the group's ability to invest, and counter these effects."We will engage with the Cairncross Review into the future of high quality journalism with a view to helping address the challenges faced by local news organisations in monetising its content. As part of the strategic review, the group continues to explore its options for the refinancing or restructuring of the group's debt but, as yet, no decisions have been made nor agreements reached. We will provide an update as soon as possible."At 1345 BST, the shares were down 18% to 4.18p.
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25 Jan 2017 10:14

Johnston Press wins contract to print Daily Mail

(ShareCast News) - Multimedia company Johnston Press, owner of brands like The Scotsman and The Yorkshire Post, has won a contract to print the Monday to Saturday issues of the Daily Mail for an undisclosed sum. The agreement comes after Associated Newspapers, a wholly owned subsidiary of DMGT respo

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17 Jan 2017 11:07

Johnston Press sells East Anglia newspaper business for £17m

(ShareCast News) - Johnston Press, the owner of the i, the Scotsman and many local newspapers, has sold its East Anglia business for £17m in order to focus on key growth areas. The London-listed company said it has completed the sale of Johnston Publishing East Anglia, which owns 13 publishing tiles

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19 Dec 2016 09:07

Johnston Press Agrees To Amend Terms Of Debt Facility With Lenders

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14 Nov 2016 07:58

Johnston Press confirms late discussions with Iliffe Media

(ShareCast News) - Johnston Press confirmed on Monday that it is in late discussions with Iliffe Media about the potential disposal of certain titles. The company, which completed the £4.25m sale of its Isle of man titles to Tindle Newspapers back in August, has previously announced that as part of

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10 Nov 2016 10:54

Johnston Press sees its performance continuing in-line

(ShareCast News) - Johnston Press sees its performance continuing in line with expectations as it focuses on cost cutting to mitigate revenue declines and impact of sterling's weakness on paper prices. "Following the successful disposal of the Isle of Man titles in August, we continue to explore opp

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26 Oct 2016 08:29

BROKER RATINGS SUMMARY: Goldman Slightly Less Negative On UK Grocers

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11 Sep 2016 15:45

Sunday newspaper round-up: Inflation, MPC, Tesco, Rolls-Royce, Morrisons

(ShareCast News) - At their meeting this week, the Bank of England's rate setters are expected to pause and take stock of the impact on the economy of its recent interest rate cut, while UK inflation is set to continue its modest rise figures are likely to show. While inflation is likely to be boost

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23 Aug 2016 15:58

London close: Blue-chip miners, banks push FTSE higher as house builders fly

(ShareCast News) - London indices closed up thanks to heady gains among house builders after Persimmon posted robust first-half results, with miners, financials and supermarkets also on the up. While house builders dominated the top end of the blue-chip leaders' ladder, it was "miners and banks that

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14 Aug 2016 17:49

Sunday newspaper round-up: Brexit in 2019, bank regulation, ITV, William Hill

(ShareCast News) - Britain could remain in the EU until late 2019, almost a year later than predicted, ministers have privately warned senior figures in the City of London. Theresa May has been expected to enact article 50 in January, setting in train the formal two years of negotiations before Brex

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10 Aug 2016 08:35

BROKER RATINGS SUMMARY: Panmure Raises RSA Insurance To Buy From Hold

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7 Aug 2016 13:59

Sunday share tips: Johnston Press, IG Design

(ShareCast News) - Sell shares in Johnston Press, was the advice of the Sunday Times' Inside the City column. The publisher, recently added to its stable of local newspaper that ranges from the Burnley Express and the Isle of Man Examiner down to the Crawley Observer and Portsmouth's The News, with

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4 Aug 2016 11:01

Broker tips: Johnston Press, Direct Line, Hikma Pharmaceuticals

(ShareCast News) - Johnston Press shares plunged on Thursday as Numis placed its rating and target price 'under review' after the company swung to a first half loss. For the 26 weeks to 2 July, the company posted a statutory pre-tax loss of £183.7m versus a £2.2m profit the year before, as it booked

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4 Aug 2016 10:00

Numis puts Johnston Press 'under review' after first half results

(ShareCast News) - Johnston Press shares plunged on Thursday as Numis placed its rating and target price 'under review' after the company swung to a first half loss. For the 26 weeks to 2 July, the company posted a statutory pre-tax loss of £183.7m versus a £2.2m profit the year before, as it booked

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4 Aug 2016 09:46

Johnston Press swings to loss in first half

(ShareCast News) - Newspaper publisher Johnston Press swung to a loss in the first half, mainly on the back of an impairment charge. For the 26 weeks to 2 July, the company posted a statutory pre-tax loss of £183.7m versus a £2.2m profit the year before, as it booked a £183.6m non-cash impairment re

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8 Jul 2016 11:43

Johnston Press chipper on 'i' newspaper readership

(ShareCast News) - Johnston Press is increasing the readership of 'i' newspaper at a clip ahead of management views, with advertising revenue hitting a fresh high in the week to 29 June. The last week's sales showed daily circulation consistently more than 300,000, peaking at 319,000 on 29 June. In

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