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Johnston Press To Meet Profit Expectations For Full Year

Thu, 19th Nov 2015 09:26

LONDON (Alliance News) - Johnston Press PLC Thursday said it expects its underlying profit and net debt for its current financial year to be in line with expectations.

The local media publisher said its underlying revenue for the 17 weeks to the end of October fell 8.8%, accelerated from the 7.6% fall it reported for its second quarter, with an 8.4% rise in underlying digital revenue offset by a 10.8% reduction in publishing revenue and a 14.7% fall in print advertising revenue.

The company did not detail how it has derived its underlying figures.

Johnston Press said it has continued to focus on offsetting revenue declines with cost reduction, and said it has made good progress with controlling production, editorial and advertising costs in line with its strategic initiatives.

Shares in Johnston Press were down 11% at 47.00 pence Thursday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews