13th Nov 2013 09:46
LONDON (Alliance News) - Johnston Press PLC said Wednesday that it anticipates its full-year operating profit will approach the mid-range of market expectations, affected by increased paper prices and further investment into its digital business.
In the 18 weeks to November 2, the newspaper publishing company said that its operating profit was up 7.8% compared to the previous year, and its operating margin had improved to 20%.
Total revenues declined 6.8% compared to the previous year, with advertising revenue falling 6.5%. Johnston Press didn't provide any actual revenue or profit figures in its statement Wednesday, just the percentage changes.
However digital revenues grew 32%. The company said that it has been focusing on investing in new digital products, including the re-launch of its 196 websites in September. In October Johnston had 13.7 million monthly digital-only customers, an increase of 39% from the previous year.
"I am pleased to report that our growth strategy is making good progress and has delivered encouraging results in the period," said Chief Executive Officer Ashley Highfield in a statement. "It remains a key goal for the whole group to reach the point where digital growth will offset any further decline so we can return to overall top-line growth."
Shares in Johnston Press were trading up 0.9% at 14.75 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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