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Johnston Press profit hit by lower print advertising revenue
August 21, 2012 / 6:57 AM / 5 years ago

Johnston Press profit hit by lower print advertising revenue

Aug 21 (Reuters) - British regional newspaper publisher Johnston Press Plc said profit for the 26 weeks ended June 2012 fell as revenue from print advertising continued to decline with classified print advertising accounting for majority of the fall.

The company, which publishes the Scotsman and the Yorkshire Post, said it expects 2012 results to be in line with its current expectations if the UK economy does not deteriorate further.

Johnston Press posted a 7 percent fall in its 2011 underlying profit as its advertising revenue fell 9 percent.

Newspaper publishers have been hit by lower spending on advertising, particularly as the government has cut spending as part of an austerity drive aimed at keeping the budget deficit in check.

Profit before tax, excluding items, fell to 13.6 million pounds ($21.41 million) for the 26 weeks ended June 30 from 13.8 million pounds a year earlier.

Revenue was down 8.2 percent at 176.1 million pounds. Print advertising revenue fell about 13 percent to 97.4 million pounds.

Johnston Press said it cut costs by 12.8 million pounds for the 26 weeks ended June 2012.

The company’s shares closed at 6.31 pence on the London Stock Exchange on Monday.

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