According to Johnston Press:
Key highlights for financial year 2013
* Revenue: Underlying total revenues at £291.9m, down 5.5% period on period
* Digital revenues: Up 19.4% period on period, from £20.6m to £24.6m
* Cost reduction: Operating costs, before exceptional and IAS 21/39 items, have reduced by £33.8m from £271.7m to £237.9m
* Operating margin before exceptional and IAS21/39 items: Up to 18.8%, from 17.3%
* Continued debt reduction: Net debt down £17.3m from December 2012 to £302.0m at 28 December 2013
* Exceptional items: Net exceptional costs before tax of £300.5m, net of a £10.0m receipt associated with the termination of the News International contract
Commenting on the annual results for 2013 and outlook, the Chief Executive, Ashley Highfield, said: “We are delighted to see a return to underlying operating profit growth for the first time in seven years, with underlying operating profits in 2013 increasing by 2.5% on 2012. Having delivered EBITDA of £62.7m in 2013, January and February has seen an 8% increase in EBITDA year on year. Our digital growth remains strong, with significantly increasing audiences coming to our websites in 2013 and into 2014. Along with slowing declines in print advertising revenues, and a stable circulation revenue decline rate, these are clear indications of good progress during the year in the implementation of our strategy for growth.
During the year we completed the re-launch of our websites and our print titles, and took the first steps to re-invent community newspapers with significantly higher levels of user generated content. We invested further in technology to build our digital platforms, including launching DigitalKitbag, a one-stop-shop for digital marketing services aimed at the hundreds of thousands of Small and Medium sized Enterprises (SMEs) that we already serve in print. With the benefits of our actions coming through, coupled with strong digital growth and a slowing print decline, the Group is well positioned to make further progress in 2014.”
