Skip to: Navigation | Content | Footer

Johnston Press publishes interim results

Johnston Press plc has published its interim results for the 26 week period ended 1 July 2017.

Author: News Desk

Posted on: 02 August 2017 12:01

Johnston Press publishes interim results

Ashley Highfield: "We are focused on creating a business for the future."

Johnston Press says:

Whilst the wider publishing industry continues to experience sharp declines, the Group is pleased to report that strong growth in digital revenues and the i newspaper combined to offset print decline in the business (excluding classifieds). The Board remains confident in the outlook for the rest of 2017.

Financial Highlights (adjusted including the i newspaper):

• Revenue grew by 4.6% during the period (excluding classifieds)

• Digital advertising revenues were up 14.8% (excluding classifieds)

• Print and digital advertising revenues combined were flat for the period (excluding classifieds)

• The i newspaper delivered strong performance: H1 revenue of £14.5m (up 28.6% in the comparable 12 week period post acquisition) and EBITDA of £3.7m (up 42% to proforma)

• Transactional media sales centre (telesales) revenues were up 1% to £10.3m

• Operating costs reduced 7.3% before full period effect of the i newspaper

• The Group delivered Adjusted EBITDA of £19.7m

• As of 1 July 2017, the Group had total cash of £28.8m, with net debt7 down 8.7% in the period.

Ashley Highfield, Chief Executive Officer, commented: “In the context of the broader industry trading environment where print classifieds in particular are in continued significant structural decline, we are focused on creating a business for the future. Our core business provides advertising and digital marketing solutions to companies, large and small, around our trusted, quality, brands that have significant reach into their communities.”

“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. 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% during the half.”

“Digital revenues (excluding classifieds) have outweighed the declines of print advertising revenues, helped by an editorial focus that has resulted in digital audiences at a record high, and by a fantastic performance from the i newspaper which has achieved significantly enhanced performance during the sixteen months since acquisition.”

“The Group delivered Adjusted EBITDA of £19.7m in the first six months, in line with the Board’s expectations. Having implemented the next phase of planned cost reduction initiatives aligned to the Group’s wider publishing strategy, the Board remains confident in the outlook for the rest of 2017.”

Read the full report here

comments powered by Disqus

Most read on InPublishing

These are the most read stories on the InPublishing website over the last 14 days, in order from the top.

Articles

My Publishing Life – Adam Sherman

Adam Sherman
Posted on: 16 October 2017

Hyperlocal – making its voice heard

Nick Turner
Posted on: 26 September 2017

Vertically focused

Ciar Byrne
Posted on: 26 September 2017

It was circ wot won it!

James Evelegh
Posted on: 12 October 2017

5 minutes with… Hutch Hicken

Hutch Hicken
Posted on: 30 September 2017

Off The Page

David Hepworth
Posted on: 26 September 2017

All change at Condé

Meg Carter
Posted on: 26 September 2017

It’s that time of year

Jim Foster
Posted on: 26 September 2017

Amid New Revenue Push, Video Is The Solution Du Jour

Karlene Lukovitz
Posted on: 26 September 2017

The Key Industry Dynamics

Jim Bilton
Posted on: 26 September 2017

This list is based on data from Google Analytics, and is refreshed every 24 hours. (Last updated: 20/10/2017 07:55)

Find out more about

Featured job

Subscriptions Sales Executive
Salary: £21,000 + commission
Wanderlust
Windsor/London

Featured in InPublishing Jobs

InPub Weekly: Sign-up

Click here to sign up for our free weekly email newsletter:

Sign up now!

Magazine registration

Publishing Partners Guide