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Ashley Highfield Johnston Press

Profits rise by more than a fifth but further cuts loom

22 Mar, 2016

Johnston Press reports total revenue for 2015 was down by 6.8% from £260m in 2014 to £242.3m last year. However, profits increased by 22.6% to £31.5m by reducing costs to £191.7m from £205.3m in 2014. CEO Highfield says the group hopes to sell some brands and some of its key assets. However, he said he “could not rule out” closing some titles. Debt is down by £14.8m to £179.4m from £194.2m in 2014, with interest payments reduced by almost £10m to £19.1m. The number of people reached through Johnston’s digital titles was up by 40.7% to 22.6 million, with digital advertising revenue rising by 12.4% to £30.6m.

We are a plc and our primary objective is to keep the business moving forward … we have to make profits. We are all on the same side here, which is try to get the business back to growth and get the long-standing debt off our shoulders. The tough trading conditions have already been highlighted by DMGT and Trinity Mirror. We are being prudent in not anticipating it getting better and we are going to make sure we are cutting our cloth appropriately.

Highfield also says Johnston has filled all but two of 50 roles for i for when it takes control of the title on 10 April, filling the roles from The Independent within two weeks.