The key points are:
* New finance facilities agreed to cover next 3 years
* Total revenues of £218.6m down 25.4% on the same period in the prior year
* Total advertising revenues down 32.7% on same period in prior year
* Operating profit (pre non-recurring and IAS21/39) of £38.2m representing an operating margin of 17.5%
* Total costs (excluding non-recurring items) down £31.0m (15%) on the same period last year
* £126.0m pre-tax impairment charge against intangibles
* Net debt reduced by £52.8m since start of year
* Advertising revenues stabilising first 8 weeks of 2nd half are 26.1% down year-on-year
Regarding the outlook, Chief Executive Officer, John Fry (pictured) said: “The timing of the economic upturn remains uncertain but advertising revenues are demonstrating greater stability and we expect the cyclical improvement when it comes to more than compensate any ongoing structural change. We will maintain our focus on costs and look to secure additional operating efficiencies during the second half of the year.”
A full copy of the interim results can be downloaded from the Johnston Press website.
