Home BUSINESS NEWS Johnston Press writes down £200m

Johnston Press writes down £200m

Scottish media group Johnston Press announced that it has reduced the value of its titles and assets by more than £200m.

A statement from the publisher, who owns The Scotsman and the Edinburgh Evening News, also said that in the first half of this year, like-for-like operating profit increased by 4.3 per cent to £28.6m.

Johnston reports that revenues fell by nearly 10 per cent to £144m with advertising sales down 13.6 per cent.

Chief executive Ashley Highfield said he was “encouraged” by the progress made across the company.

He said in a statement: “Johnston Press has continued to make good progress during the first half in the implementation of its strategy for growth, completing the re-launch of its print titles and investing further in technology to build its digital platform whilst maintaining a tight control on costs.”

An operating loss of £225m occurred as as result of a £194m impairment charge on its publishing titles and a £58m write-down on print press assets.

The report also showed that Johnston has managed to reduce debt by 15.3 per cent (compared with figures for June 2012) and that this now stands at £306m.

Mr Highfield also reported that digital revenues had increased by 13.3 per cent and highlighted promising growth in web and mobile audience figures that “more than compensated for the decline in print audiences”.

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