Johnston Press pretax profit hurt by fall in classifieds revenue

Johnston Press, the publisher of the Scotsman and the Yorkshire Post as well as the Belfast News Letter and other regional titles north of the Border, reported a 27 per cent fall in adjusted profit before tax as lower employment, property and motor classifieds hurt its earnings.

The 190-year-old publication firm’s adjusted pretax profit fell to £12.3 million (€11 million) in the 26 weeks ended July 2nd, while revenue fell 9.7 per cent to £113.9 million. The company also said it was too early to assess how Britain’s decision to leave the European Union would affect its revenue.

Johnston Press said its revenue declined despite a hike in readership over Brexit and higher circulation from its acquisition of the i newspaper. – (Reuters)