Regional publisher Johnston Press has announced a three-week postponement of its annual results for 2011.
The company had been due to unveil its results on Tuesday, 3 April, but the announcement will now not take place until 25 April.
The delay is due to the need to conclude agreements on a three-year extension of the company’s credit facilities.
These are due to expire in September and JP is keen to ensure the extension is put in place before the results are announced.
A statement issued this morning read: “Johnston Press plc announces that it is changing its preliminary results date to 25 April 2012.
“The company has been in constructive discussions with its lenders regarding the extension of its credit facilities for a further three years from their current maturity on 30 September 2012 and will provide a further update to the market as part of the preliminary results announcement.”
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Doesn’t sound promising.
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Let’s see if they have to raid the pension scheme as per Trinity Mirror in order to stay solvent !
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“Hello, is that the Grim Reaper…”
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I don’t see it as anything major to worry about really.
As I understand it, JP are trying to renegotiate debt repayments – ie lower interest rates – which will help the business.
JP still makes good money every year, profit margins are still healthy (over 20%, many over 30%) on all titles, so if they can pay a lower interest rate it’ll make them even stronger.
It’s biggest problem is while it still makes good money, profits are falling.
So it also makes sense to delay it until that’s signed off as it will sweeten the bad news of another fall in advertising (print) revenue, which I suspect will be around 10% again.
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Doing so well Amanda the share price is a whopping 6.5p!
Happy days
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JP is not a sunset stock (it still makes profit whereas the Guardian, for instance, doesn’t) and AH has put together an eight-year plan to transform the company into a 50/50 digital/press revenue company.
Exciting times with new banking facilities in place.
Shares worth a punt now before the good news spreads, in my opinion.
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Des Neely’s medication is late.
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Bad news always takes longer to add up
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At least they now, at long last, seem to have a Chief Executive in place who accepts that for the company to have a future it’s got to be Digital First.
As a former employee who was made redundant I’m encouraged by the actions he is implementing – good to see the Yorkshire Post introducing an iPad app.
How many of us still get our daily or weekly news from a printed version? Not many of us I suspect when you can get it bang up to date on an iPad, iPhone or smartphone.
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