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JPIMedia owner reveals ‘scene is set’ for further acquisitions

David MontgomeryJPIMedia owner National World has reiterated its desire to make further acquisitions after revealing its half-year financial report.

David Montgomery’s investment vehicle says “the scene is set” for potential purchases following its takeover of the regional publisher at the beginning of this year.

The company recorded revenue and adjusted operating profit of £42.1m and £4.2m respectively over the first six months of the year, with a 21pc year-on-year increase in digital publishing revenue.

However, there was a 9pc decrease in publishing print revenue.

Since National World’s takeover of JPIMedia, it has launched six new ‘World’ websites – one covering the entire country and five covering the cities of Glasgow, Liverpool, London, Manchester and Newcastle.

Three further ‘World’ titles are set to launch in the coming weeks to cover Birmingham, Bristol and Wales.

Mr Montgomery, pictured, said: “I am pleased with the progress made since the acquisition of JPI Group. I pay tribute to the staff who have energetically deployed their skills and talent to transform the business.

“Our product launches, including and eight World sites in key markets, move the company from its traditional geographical base to a UK-wide footprint.

“The scene is set for further organic growth in audience based on original content not available elsewhere and further acquisitions.

“These will support first and foremost the increase in our digital capabilities and assist in the creation of a sustainable growth publishing model.

“We will also consider heritage assets at an appropriate valuation.”

National World previously outlined its intention to seek “acquisition opportunities” after publishing its annual report for 2020 in April.

The company said it also remains on track to deliver at least £5m of annualised cost savings.