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UK's Johnston Press reports full-year loss

UK's Johnston Press reports full-year loss

Johnston Press PLC, publisher of The Scotsman and other regional newspapers in Britain and the Republic of Ireland, on Wednesday reported a full-year loss of 365.5 million pounds ($503 million) as the recession took a large bite out of advertising revenue.
The company said the decline of ad revenue was accelerating, and that it intends to sell its four newspapers in Ireland to reduce its debt.
For the year ending Dec. 31, the loss of 365.5 million pounds compared to a profit of 113.6 million pounds in 2007.
Revenue was down 12.4 percent to 531.6 million pounds. The biggest hit in ad revenues was in property advertising, which fell 32.4 percent as house prices declined, mortgage availability shrank and fewer properties changed hands.
Revenue was will be significantly lower in 2009, the company warned.
The company cut its staff by 1,130, or 15 percent, in 2008 and has deferred all pay reviews for the first half of 2009.
"Advertising markets remain very depressed with advertising revenues to date in 2009 35.9 percent below those for 2008," said Chief Executive Officer John Fry.
"In the short term there is little prospect of a turn in the advertising cycle and our expectation is for 2009 to be a very challenging year with revenues significantly below 2008 levels and only partially offset by lower costs," he added.
Shares in Johnston Press were unchanged at 7.72 pence on the London Stock Exchange on Wednesday.
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http://www.johnstonpress.co.uk


Updated : 2021-07-30 23:57 GMT+08:00