Regional publisher Johnston Press today revealed that cost reductions over the past year had saved a total of £50m.

Figures published in an interim management statement today show the rate of decline in advertising revenues at JP continues to decline.

During the ten weeks up to 31 October, total ad revenues at JP were down 19.1pc compared with the same period last year, continuing a trend which has seen the rate of decline slowing throughout 2009.

The company went on to say that significant cost reductions made during the second half of 2008 and first half of 2009 will mean a year-on-year total reduction in costs of around £50m for this year.

The statement said: “At our half year results announcement on 28 August, we reported that total advertising revenues for the first 26 weeks of the year were down by 32.7pc on the equivalent period in the prior year, and that the trend had improved over the first eight weeks of the second half and the rate of decline had slowed to 26.1pc.

“This trend has continued with the last ten weeks only down by 19.1pc such that the first 18 weeks of the second half of the year have seen a total advertising decline of 22.1pc.

“The greater stability in advertising revenues we referred to in the half year announcement has continued with the average weekly advertising revenues in September and October being at the same level as in May and June, with improvements in the property market offsetting a continued decline in recruitment related revenues.”

JP continues to be cash generative but there is limited scope for debt reduction in the second half of the year.

“Given the greater stability in advertising revenues, combined with reducing declines in circulation revenues and continued progress with cost savings, the group is confident of delivering an operating profit in line with current market expectations for 2009,” it said.

Comments

Editor (11/11/2009 12:53:18)
No need for the plonkers at the top to get rid of all the subs then, is there?

Martin Day (11/11/2009 14:10:16)
What a shock another bitter sub, no wonder you guys are history

JP Worker (11/11/2009 15:50:20)
Not sure bitter would be the right word for the subs I know – more like bemused at being painted as a “glorified proof-readers”. Well Mr Fry says: “If you want 500 words, how about the reporter writing 500 words, rather than writing 1,000, and giving it to a second person to cut it?”

Liz (11/11/2009 16:55:01)
Martin, the subs on the JP weekly where I work write stories, film and edit videos, upload web stories as they happen if necessary, do audio and edit that, write ad features, write stories . . . oh, and yes sub edit copy and design pages. No wonder they are bitter that they have been told that their jobs are under threat, that they have to move 20 miles down the road and that their ultimate boss thinks they are worthless and doesn’t have a clue as to what work they actually do – often during a week of 45plus hours!

Sub (12/11/2009 09:23:04)
Martin do you know what a sub does? How many extra unpaid hours a week are you prepared to work? Most of the JP subs I know do between 8 and 15 – no wonder they’re bitter, doing all that work to meet deadlines and then to be seen as worthless by the head of the company. But it’s not about quality newspapers anymore is it? It’s all about money men such as you!

JP Snapper (12/11/2009 12:29:17)
Eh, actally, Martin Day; you could have done with the services of a sub before submitting your post attacking Editor as “another bitter sub.”
Your missive needed punctuation after “What a shock.”
A sub would have spotted and corrected that and you wouldn’t have upset your readers.

NotHistoryYet (14/11/2009 14:55:21)
Also, Martin Day, you forgot to put a full-stop. Tut, tut. You’ll never make a multimedia content gatherer…

Dave Ross (15/11/2009 11:21:39)
John Fry seems unable to grasp the fact that he will rarely, if ever, get a perfectly written story to whatever word count is stipulated, what with mistakes and omissions that always have been and always will be made – it’s human nature. No disrespect to reporters but I don’t think anyone can honestly say they are that good. And has Mr Fry forgotten about house style? Who is going to keep an eye on that and ensure that there is consistency? Without adherence to house style things will be all over the place, giving the (false) impression to readers that the journalists don’t care. Subs do far, far more than cut copy, Mr Fry, but either you haven’t been made aware of that or you are choosing to ignore it. What you are effectively doing, sir, is removing a layer of support. And what happens when you do that . . . ?