Profits at Johnston Press decline
Scottish-listed media group Johnston Press 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 a number of Irish titles including the Kilkenny People and Limerick Leader, 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 per cent fall in its 2011 underlying profit as its advertising revenue fell 9 per cent.
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 for the 26 weeks ended June 30th from £13.8 million a year earlier.
Revenue was down 8.2 per cent at £176.1 million. Print advertising revenue fell about 13 per cent to £97.4 million.
Johnston Press, which also publishes the Scotsman and the Yorkshire Post, said it cut costs by £12.8 million for the 26 weeks ended June 2012.
The company's shares closed at 6.31 pence on the London Stock Exchange yesterday.