 saw profits fall yet again in the first half of the year, as the company struggles to make progress in a competitive market.){kind=link}
UK publisher Johnston Press (LON:JPR) saw profits fall yet again in the first half of the year, as the company struggles to make progress in a competitive market.
Half-year adjusted pretax profit for the period dropped 30.9 percent from £6.7 million from £9.7 million a year earlier. Total revenue fell 3.1 percent to £102.9 million.
However the firm, who have been continuously hit by a cheaper, online competition, were boosted by a 15 percent rise in advertising revenue. Revenues grew by 4.6 percent, on stronger digital revenues and sales of i newspaper, which was bought by Johnston last year.
The publisher of 200 local UK papers, including the Scotsman and the Yorkshire Evening Post, said efforts to turn the company around were beginning to pay off:
“This is a business which we have long believed needed to transform, but once done, could return to growth. Thus, since 2012 we have been making the necessary and at times painful changes to transform Johnston Press into a truly cross-platform business,” said CEO Ashley Highfield.
“Whilst trading remains challenging, the business has responded and, as a result of our substantial efforts and clear strategic focus, I am very pleased to announce that we have posted revenue growth in the business (excluding classifieds) of 4.6 percent during the half.”
Investors failed to be impressed by the results, however, with shares falling 3.45 percent in early trading.