According to Johnston Press:
Key highlights:
* Profit before tax: Underlying profit before tax increased 235.1% to £29.9m from £8.9m
* Operating profit: Increased for the second consecutive year to £55.5m – up 2.8%
* Revenue: Total underlying revenues of £265.9m reflect a decline of 4.4% for the period
* Digital revenues: Up 20.0% for the period, from £24.0m to £28.8m representing 17.4% of advertising revenues (2013: 13.8%)
* Digital audience grew by 35.8% to an average of 16.7m in 2014 (2013: 12.3m)
* Cost reduction: Operating costs reduced by £13.8m net of investment in digital
* Operating margin: Up to 20.9%, from 19.4%
* Continued debt reduction: Net debt down to £184.6m at period end (2013: £302.0m), reflecting refinancing
During 2014 we continued to transform our business in line with the strategic priorities set out in 2012. The debt and equity refinancing in June provided a platform of financial stability to allow us to focus on our strategic objectives, including growing our digital business, beginning the process of changing the way we create content in our newsrooms and structure our sales teams and continuing to increase our overall audiences.
Commenting on the annual results and outlook, the Chief Executive, Ashley Highfield, said: “Following the refinancing we are seeing the business transform into a modern multimedia organisation. The strong growth in our digital audiences and accelerated growth of digital revenues, aided by the roll-out of Digital Kitbag and the launch of Sky Adsmart and 1XL are changing the shape of the Company. We are excited about the future for the business and confident of delivering on our strategic objectives of growing an engaged audience base and returning our business to top line growth”.
