Johnston Press signals end to fall in advertising revenue

By Jonathan Russell 645AM GMT twelve March 2010

Johnston Press

The owners of 300 internal and informal writings pronounced the thespian falls in promotion revenues plateaued in the initial dual months of this year after descending 35pc in the initial entertain of 2009. However the association pronounced it did not design engine promotion to recover. The association was some-more confident about skill advertising.

Chief senior manager John Fry pronounced "The main subject confronting us is either the falls in promotion are cyclical or structural. It is opposite by category. We have seen comparatively small constructional shift in skill promotion however we do not design engine promotion to redeem as well."

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For the year finished Jan 2 the association purebred a 19pc tumble in income to �428m. Underlying distinction fell to �43m. Profit prior to taxation that includes non-cash equipment such a �126m write down in the worth of the groups titles came in at a loss of �113.8m. The association pronounced it would not be profitable a dividend.

Over the march of the year Johnston refinanced the �485m debt facility. However the agreement with the bankers was reached in Aug last year at the tallness of the credit crunch. Interest costs on the debt roughly doubled from 6pc to 10pc. The association pronounced it was right away focusing on debt reduction. Last year the association paid down �55m of debt.

After shutting dual presses last year Johnston pronounced it had no plans to close any some-more journal titles.