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Increased profits for Johnston

Johnston Press has announced increased half year profits.

In its interim results for the six months ending June 30 2002, the company announced pre-tax profits, before one-off costs, of £50.6m, an increase of 25 per cent compared with £40.4m for the same period last year.

One-off costs included a £3.7m restructuring and reorganising charge for Regional Independent Media publications which it bought in April this year.

Johnston chief executive Tim Bowdler said that the increase in profits was due to a continued modest increase in advertising revenues together with “excellent control over operating costs throughout the group”.

He said that total advertising revenue for the half-year grew on a like-for-like basis by 1.2 per cent.

He also said that operating profit for the group had increased to £62.1m, a rise of 29 per cent before one-off costs.

Johnston publishes more than 250 titles across England and Scotland, including the Yorkshire Post, Peterborough Evening Telegraph and Hartlepool Mail.

Circulation for the group’s weekly titles has increased by 0.7 per cent in the past six months, with two thirds of its 92 paid-for weeklies achieving growth.

Performance of the group’s nine evening titles continued to fall, with a drop of 2.6 per cent in the six months, which was partly due to a reduction in bulk sales.

Mr Bowdler said although markets remain uncertain, Johnston is well placed to make further progress in the second half.

He said: “We have made a satisfactory start to the second half with continued modest revenue growth.

“Costs remain under close control to ensure that our enlarged business is well placed to accommodate any possible reduction in advertising revenues.

“The integration of RIM is proceeding satisfactorily and is expected to make a positive contribution to our performance in the coming months and years.”

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©NEP 2002