4th August 2016

Johnston Press publishes interim results

Unaudited results for the 26 weeks to 2nd July 2016 have been published.


Johnston Press experienced difficult advertising trading conditions due to the EU referendum uncertainty and following result.

The group achieved adjusted EBITDA for the period of £25.5M.

The report suggests that the overall performance for the 26 week period was below the board's expectations.

In the wake of uncertainty following the referendum result, the company is focused on revenue and cost measures to maintain margins.

Ashley Highfield, chief executive, said: “The acquisition of the i newspaper in April was transformational for Johnston Press. Since the acquisition we have increased circulation considerably, using the extensive JP distribution network, and continued to grow market share. Perhaps more significantly, owning the i newspaper is enabling us to present the whole JP portfolio, and the 1XL digital advertising network, to media buying agencies and clients afresh. Further, we have started to see significant content sharing between the i and the rest of the portfolio.

The market continues to be challenging and uncertainty surrounding the outcome of the Brexit negotiations has caused further softness in some segments of the advertising market, in June and July.

Nevertheless, we are focused on our strategy of increasing overall audiences, maximising opportunities for the i, maintaining tight cost control and rebalancing our portfolio. In that respect, we are nearing completion of the disposal of our Isle of Man newspaper group for £4.25 million and are well advanced in negotiations for further divestments.

The divestment plans, alongside the strategic implementation of key initiatives such as Salesforce of the Future, will put Johnston Press on a stronger footing for the future, focusing on key geographies, audiences segments and higher yielding advertisers, and will enable us to continue to reduce debt levels and cut financing costs further and prepare the business for refinancing due by 2019.”
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