Advertising fall eats into revenues
Published Date:
28 August 2008
Johnston Press said tumbling returns from the property and job markets had left its advertising revenues down 21 per cent on a year ago.
The group, whose titles include the Yorkshire Post and The Scotsman, axed its half-year dividend as advertising trends continued to deteriorate.
Reporting an 18 per cent fall in profits for the six months to June 30, Johnston said advertising revenues declined 9.5 per cent in the half year, even though digital revenues grew by 52.1 per cent.
The poor state of the house market meant property print revenues fell by 17.8 per cent over the six months.
Employment advertising was down by 10.4 per cent in the six month period.
It added that advertising revenues in the first seven weeks of its second half were down 21 per cent on a year earlier.
Chief executive Tim Bowdler said the company achieved a year-on-year cost reduction of £7.6m in the first half.
Underlying pre-tax profits for the six months were £62.5m against £76.3m a year earlier but a £109m asset write-down meant overall losses of £53.7m.
The full article contains 197 words and appears in n/a newspaper.
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Last Updated:
28 August 2008 8:01 AM
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Source:
n/a
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Location:
Yorkshire
