3 Feb 2016 12:10
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Don't have an account? Click here to register.Johnston Press shares tumble after profit warning
Tue, 14th Jul 2015 09:19
(ShareCast News) - Shares in community news firm Johnston Press tumbled on Tuesday after the company issued a profit warning.The company said it expects first-half profits to be marginally below last year, impacted by a slowdown in general trading and specific weakness in the run-up to and after the election.The newspaper firm said in the 26 weeks to 4 July 2015 revenue was expected to fall by 5% year-on-year, while circulation revenues were expected to fall by 5.5% during the same period.Johnson Press said management took action to mitigate most of the revenue reduction in the period which limited the impact on profits on the period.Chief executive Ashley Highfields said trading conditions in the first half of the year were challenging."Whilst we expect this will have an impact on profit both at the half year and the full year, there are positive indicators coming through with digital growth and continued strong cash flow," Highfields said in a statement.Numis moved its rating for the company from 'hold' to ''under review' after the profit warning.It said the trading update was "disappointing" and adjusted its 2015 operating profit expectation from £55.9m to less than £51m, adding that it now expects earnings per share of 23p, compared with an earlier estimate of 23p.Panmure retained a 'buy' rating on the stock and cut its target price from 260p to 230p.Analyst Jonathan Helliwell said the update was not a total surprise, and noted the digital side of the company was progressing well."This update highlights one of the key risks in the stock, namely the continuing structural pressure and low visibility on print advertising - even in a sound UK economy," he said in a note.At 13:41, shares were down 17.2% at 117.62p.
More News
3 Feb 2016 09:31
Johnston Press rallies on pension deficit reduction
(ShareCast News) - Johnston Press said the findings of the study it carried out to assess the liabilities of its pension plan are expected to reduce the present value of the media group's plan by around £50m. In addition, the company said that following a change to the scheme rules agreed by the tru
Read more3 Feb 2016 08:51
BUZZ-Johnston Press: best day in 3 yrs on pension deficit reduction
** Shares in "The Scotsman" publisher Johnston Press up more than 15 pct pension deficit cut by >50% ** Co undertook pension study to streamline the pension scheme ** Now expects to reduce deficit by c50 mln stg (deficit on Jan 3 2015 was 90 mln stg) ** Liberum says this shrink
Read more19 Jan 2016 14:48
Johnston Press to sell titles as digital focus intensifies
(ShareCast News) - As well as confirming profits in line with forecasts, local newspaper publisher Johnston Press said it may sell several of its non-core titles in order to focus on digital growth. The company, whose titles range from dailies such as the Scotsman and the Yorkshire Post to around 19
Read more1 Dec 2015 14:52
Johnston Press reorganises with central editorial team
(ShareCast News) - Johnston Press has appointed an editor-in-chief and created two publishing director positions as part of the local newspapers group's editorial restructuring process to "shift focus away from traditional geographic reporting lines". Yorkshire Evening Post and Yorkshire Post editor
Read more19 Nov 2015 10:06
BUZZ-Johnston Press: hits life-low as print, publishing revenues drop
** Johnston Press's shares fall as much as 14.4 pct to a life-low of 45.39p as co reports fall in print and publishing revenues, for 17-week period, due to weak advertising markets ** Co says print advertising revenue falls nearly 15 pct and publishing revenue by about 11 pct for the 17 wee
Read more19 Nov 2015 09:26
7 Oct 2015 10:43
Johnston Press closes more titles as it looks to cut costs
(ShareCast News) - Media group Johnston Press announced the closure of several print titles as it looks to cut costs and focus on its online expansion. The company said a number of its smaller free print titles have been closed, which will allow it to focus resources on its digital offering in those
Read more14 Sep 2015 10:34
UPDATE 2-UK's Trinity Mirror in talks to buy rival Local World
(Adds Local World no comment, analyst, background and detail; also updates shares) Sept 14 (Reuters) - Britain's Trinity Mirror Plc, publisher of the Daily Mirror and Sunday Mirror newspapers, is in talks to buy rival Local World Holdings Ltd as it attempts to build scale to help counteract
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