Pre-Close Trading Update
18 Junho 2003 - 4:00AM
UK Regulatory
RNS Number:4539M
Johnston Press PLC
18 June 2003
For Immediate Release 18 June 2003
JOHNSTON PRESS plc
PRE-CLOSE TRADING UPDATE
Johnston Press plc issues the following trading update ahead of the announcement
of the Group's interim results for the 26 weeks to 30 June 2003, scheduled for
27 August 2003.
Trading for the first five months of this year has been encouraging and ahead of
the Board's expectations. Against the comparable period in 2002, like-for-like
advertising revenues grew by 2%. All classified categories were ahead with by
far the strongest growth coming from property advertising. Display advertising
was marginally behind, held back by weaker demand from national advertisers.
Market conditions generally remained more difficult in the south of the country
than elsewhere.
Overall, circulation of our weekly titles continues to increase, the seventh
year of this trend. Whilst our daily titles have again experienced modest
circulation declines, related newspaper sales revenues continue to grow.
The integration of Regional Independent Media is progressing ahead of plan and
we now anticipate related cost savings within the enlarged Group of more than
#10 million in this, the first full year of Johnston Press ownership.
Aided by a further reduction in newsprint prices, costs have been well
controlled in the first five months, contributing to current levels of
performance.
Despite the prevailing climate of economic uncertainty, the Board currently
anticipates modest advertising revenue growth for the full year. This, combined
with continued control of costs and the enhanced RIM synergies, gives the Board
confidence about the prospects for the remainder of 2003 and of achieving
further progress for the year as a whole.
Contact:
Tim Bowdler, Chief Executive or
Stuart Paterson, Finance Director
Johnston Press plc Tel: 0131 225 3361
Richard Oldworth/Suzanne Dunne
Buchanan Communications Tel: 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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