Regional publisher Archant saw profits increase to £3.5m in the first half of 2013 following cost reductions of £4.5m.
An interim statement covering the six months to 29 June showed the group’s operating profit before the deduction of exceptional items rose by £1.6m or 80pc compared to the same period in 2012.
It follows cost reductions of £4.5m with overall costs down 7pc from last year.
Turnover at the group fell by 4.7pc in the first half of the year, down by £3.1m to £63.3m.
The statement said that strong cost control had been key to the company’s improved operating performance.
However it added: “The management team has been careful to ensure that these savings do not damage our future prospects.”
Archant chairman Richard Jewson described himself as “pleased” with the company’s financial performance in the first half of 2013 but said market conditions remained challenging.
“There is much comment that green shoots of recovery are becoming visible. Whilst there is some evidence of a strengthening economy we have seen little of this in the consumer markets we serve,” he said.
Richard’s statement also made reference to the company’s ongoing dispute with HM Revenue and Customs in relation to a tax matter dating back more than ten years which he said involved “complex matters of interpretation and judgement.”
He said the company was “continuing to engage in correspondence with them and we expect this to continue in the coming months.”
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I’m sure all those who contributed to “cost reductions” will be delighted with this new strength.
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Delighted? I’d jump for joy but haven’t quite removed the knife from my back just yet.
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Don’t hear much about belting editorial exclusives and shocking investigations by the regional press, do you?
It’s all “cost cuts” and “delivering profits” and “operating performance”.
Dull, dull, dull.
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Without the reductions they would have lost £1m, ouch!
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The regional Press business plan: Profits down, cut costs. Profits up, quality down. Profits down, cut costs. Profits up, quality down, Profits down, cut costs. Repeat to fade….
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What do they slash to make a profit next time round and what happens if the taxman does take a slice? Will the last one leaving Prospect House please turn out the lights.
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