“Since the acquisition of JPIMedia and its subsidiaries on 2 January 2021, the modernisation of the business has proceeded at pace and we have established a media presence across the whole of the UK with numerous online launches,” it said in a trading update.
JPIMedia’s titles include The Yorkshire Post, The Scotsman, Sunderland Echo, Sheffield Star and The News in Portsmouth. Since its acquisition, the company has launched seven new online titles in cities where they did not already have a presence. They have also launched a national news website called National World.
“At the same time, we have delivered efficiencies and there has been an improvement in advertising revenue.”
The trading update added that the company is “currently implementing a new phase of restructure to create a sustainable premium content and sales business as well as maintaining performance in the near term.”
“Management is actively engaged in developing acquisition opportunities primarily targeting businesses that will enhance its digital capabilities and broaden its content base beyond news.
“It is also open to adding to its heritage assets to build scale and enhance shareholder value through synergies.”
“Whilst the trading environment remains uncertain due to the pandemic and rising newsprint and energy prices, the board looks forward to reporting further progress in 2022 and beyond,” the company said.
Keep up-to-date with publishing news: sign up here for InPubWeekly, our free weekly e-newsletter.