Johnston Press
First half pre-tax profits at Johnston Press jumped by 25.2% to £50.6 million, boosted by the acquisition of Regional Independent Media (RIM) in March this year.
In financial results released this morning the regional publisher reported that advertising revenues rose by 1.2% on a like for like basis during the first half. This is an out-performance of the current advertising sector, which is still experiencing fairly steep declines in many areas.
Operating profit at Johnston rose by 28.6% to £62.1 million; excluding the RIM business, operating profit was up by 7.4%. Overall operating margins were up 2.0% points to 33%.
The company had “modest advertising revenue growth in Scotland, good increases in the North of England, but declines in the South, reflecting reduced volumes of recruitment advertising.” A similar trend is emerging for the coming month.
Tim Bowdler, chief executive of Johnston, says that the markets remain uncertain. However, the integration of RIM is going well and he expects the company to make progress in the second half.
I Feel Good Publishing
Pre-tax losses at magazine publisher I Feel Good (IFG) dropped from £1.1 million in the first half of 2001 to £285,000 this time, the group announced this morning. Operating loss fell from £1.2 million to £169,000 during the period.
IFG publishes men’s magazine Jack, along with Viz, Bizarre, Fortean Times and Leeds, Leeds Leeds, all of which contributed positively, according to the statement. Circulation and advertising revenues at Jack exceeded expectations by 22%, with ad revenue for the second edition 12% higher than targets.
Commenting on the results, chairman, Alistair Ramsay said: “Our expectations for Jack have been exceeded, the challenge now is to maintain momentum for the forthcoming monthly issues and build on its success. The Board remains committed to its strategy of building IFG’s market share of the general interest men’s lifestyle sector.”
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