Divisional MD leaves publisher Johnston Press
CHRIS Green, newspaper group Johnston Press’ divisional managing director for the North, has stepped down from the position.
An announcement to staff across the company, which publishes the Yorkshire Post, yesterday said he had decided to stand down.
The internal memo from chief operating officer Danny Cammiade did not give the full reasons for his departure, but indicated it was related to a possible reorganisation at the publisher.
Johnston Press today reported a fall in total revenues down 5.2% to £207.3m for the 26 weeks to July 3 but said the rate of decline in total advertising revenues on a like-for-like basis was continuing to reduce.
The group reported that circulation revenues were down 2.8% on the first half of 2009 and digital revenue growth of 10.9% up to £10m.
Total costs for the first 26 weeks of 2010 were £13.6m lower than the comparable prior year period and operating profit before non-recurring items was up 5.9% to £40.5m.
Net debt reduced by £20.9m since the start of the year to £401.1m, despite significantly higher interest costs.
Chief executive John Fry said: “In the first half the group achieved an operating profit before non-recurring items of £40.5m up from £38.2m in the prior year. This represents our first operating profit increase reported since 2006.
“As we move into the second half of the year, we have seen the improving trend in advertising revenues continue with total advertising in the first six weeks on a like for like basis only down 3.7%. Within this performance digital revenues grew by 9.7%.”
He added: “Circulation revenues in July have also performed well and are down only 1.6%. These industry leading trends which demonstrate the strength of our publishing portfolio along with our continued focus on costs, efficiencies and debt reduction, give the board confidence, in the absence of a further deterioration in the UK economy, that the outcome for the group in 2010 will be in line with current market expectations.”
