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Record results for Johnston

Johnston Press has announced record financial results for last year.

On the same day that the company announced its plans to buy Regional Independent Media, chairman Roger Parry said: “The current year for Johnston Press has begun encouragingly and despite the present mood of economic uncertainty, early trading results have been ahead of expectations.

“Costs remain closely controlled throughout the Group and we will be assisted in the current year by a significant reduction in the price of newsprint, our largest purchase item.”

Operating profit was £89.5m, a seven per cent increase on the record figures for 2000. Pre-tax profits last year were £68.5m, an increase from £65.5m the year before. Turnover reached £300.6m, compared with £292.2m. The profit on ordinary activities before non-operating exceptional items and taxation was £73.6m, compared to £65.5m in the previous year.

A circulation increase of 0.2 per cent, (July to December 2001) means the company has achieved weekly circulation growth for five consecutive years, with 91 weekly paid-for titles, circulating an average 1.2m copies per week. Daily circulation declined by 2.8 per cent in the same period, due mainly to a reduction in bulk sales.

Roger said: “The group remains closely focused on its core activity of local newspaper publishing and continues to invest heavily in new equipment, systems and training to ensure that we remain at the forefront of the industry in terms of business efficiency and the quality of our numerous newspaper titles.”

Chief executive Tim Bowdler said: “Our focus remains firmly fixed on local newspaper and digital publishing together with related printing activities.

“Our objective is to be the leading publisher of local newspapers with locally focused websites in all of the markets in which we are present, a situation which already prevails in the vast majority of our publishing areas.”

There are now more than 100 websites operating alongside Johnston newspapers.

Purchases during the year included titles in Lincolnshire and East Glasgow and a travel database/guidebook publishing company, Days Out UK. In July Johnston announced an agreement to acquire eight free newspapers in the East Midlands from Trinity Mirror – a deal that is still awaiting Government approval.

Click for today’s story on the RIM purchase.

Do you have a story about the regional press? Ring 0116 227 3122/3121, or email
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