Pre-Close Trading Update
10 Dezembro 2003 - 5:00AM
UK Regulatory
RNS Number:0671T
Johnston Press PLC
10 December 2003
For Immediate Release 10 December 2003
JOHNSTON PRESS plc
PRE-CLOSE TRADING UPDATE
Johnston Press plc issues the following trading update relating to the second
half of the financial year ending 31 December 2003 and ahead of the Group's
preliminary results announcement scheduled for 17 March 2004.
The Chief Executive's half-year statement of 27 August 2003 envisaged continued
modest revenue growth in line with that achieved in the first six months of the
year. In fact, advertising revenues have been stronger in the second half with
like-for-like growth of 4.9% for the five months to 30 November 2003. This
comprised 3.8% from those businesses owned prior to the Regional Independent
Media (RIM) acquisition and 7.0% for the former RIM companies and compares with
growth rates of 2.5% and 4.0% respectively in the first half.
During the period, property advertising has continued to perform strongly and
recruitment advertising has witnessed improved growth levels. National display
advertising has also performed better after a weak first half whilst the
remaining advertising categories have continued broadly in line with results
reported for the six months to 30 June.
The circulations of our weekly titles continue to achieve modest overall growth
and are now into their eighth successive year of increase. The focus of
attention on our daily titles has resulted in some improvements, although we
have yet to see a reversal in the trend of modest decline.
We remain on track to deliver cost savings in 2003 of more than #10 million in
respect of last year's acquisition of RIM. The business continues to perform
well and progress remains ahead of our initial expectations.
In overall terms, the improvement in revenue growth, coupled with continuing
good control of costs, is expected to result in profits for the year to 31
December 2003 being above current market expectations. Looking ahead, the
Board does not expect any marked change in the trading environment and
anticipates ongoing modest advertising revenue growth. When combined with
stable newsprint prices, tight management of costs and further efficiency gains
throughout the Group, this should lead to another year of satisfactory progress
in 2004.
Contact:
Tim Bowdler, Chief Executive or
Stuart Paterson, Finance Director
Johnston Press plc Tel: 0131 225 3361
Richard Oldworth/Suzanne Brocks
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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