£248m loss for Johnston Press but operating profits improve
REGIONAL newspaper publisher Johnston Press has announced its first increase in like-for-like operating profit for seven years today, as it builds its digital platforms and maintains tight control of costs.
Like-for-like operating profit for the six months ended June 29 2013 increased by 4.3% from £27.4m to £28.6m.
But on a statutory basis, the group made a pre-tax loss of £248.7m compared to a pre-tax profit of £13.6m in the same period last year. It said this was down to a £194m write-down on the value of its titles.
Total revenues decreased by 9.8% on a like-for-like basis period on period with broadly similar declines across all categories, a pattern the group said is replicated across the industry as consumer confidence remained low in the first five months of 2013.
The Edinburgh-based owner of the Lancashire Evening Post, Blackpool Gazette and Lancaster Guardian said during the first half of 2013 digital revenue has increased by 13.3%.
Excluding digital recruitment advertising, which continued to be affected by a slow jobs market, digital revenues were up 23.7% in the first six months. Within this, local online display, digital property and digital motor revenues grew by 17.1%, 91.2% and 175.8% respectively.
