Johnston Press has reported a 6% dip in revenues to £231m for the first six months of 2008. The company, which publishes 18 daily and 300 weekly newspapers, reported its results today (August 27).
The group’s operating profit fell by 15.6% to £81.6m and pre-tax profit fell by 18.1% to 62.5m. It says the outlook for the second half remains even worse, with the first seven weeks showing a 21% year-on-year fall.
Johnston Press chief executive Tim Bowdler says: “Advertising trends have continued to deteriorate over the course of the year and future performance will inevitably be linked to the economies of the UK and to a lesser extent, that of the Republic of Ireland.”
Johnston Press, which owns newspapers including the Scotsman and Yorkshire Evening Post, says it has made savings of £7.6m and will continue to “actively manage” costs.
UK newspaper group Trinity Mirror, which publishes the Daily Mirror, reported last month that its ad sales had fallen by 6% in the first half of this year.
Meanwhile, Independent News & Media has reported a drop in revenue from 3.7% to Û780m (£624m) in the six month period ended June 30. The group says it was a “good” performance in a market experiencing tough economic conditions and advertising volatility.