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| Version 1 | Version 2 |
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| Johnston Press reports year-on-year increase in operating profit | Johnston Press reports year-on-year increase in operating profit |
| (4 months later) | |
| Johnston Press has reported its first year-on-year increase in operating profit in almost seven years in the 18 weeks to 4 May, despite a tough market which saw advertising revenues decline by more than 15%. | Johnston Press has reported its first year-on-year increase in operating profit in almost seven years in the 18 weeks to 4 May, despite a tough market which saw advertising revenues decline by more than 15%. |
| The regional press publisher, which pushed through almost £40m in cost cuts and axed more than 1,300 jobs last year, said that the rate of decline in operating profits between 2006 and 2010 was about 20%. | The regional press publisher, which pushed through almost £40m in cost cuts and axed more than 1,300 jobs last year, said that the rate of decline in operating profits between 2006 and 2010 was about 20%. |
| In 2011 the profits fall was 11%, and last year, the first full year under the leadership of chief executive Ashley Highfield, the decline in operating profits was 5%. | In 2011 the profits fall was 11%, and last year, the first full year under the leadership of chief executive Ashley Highfield, the decline in operating profits was 5%. |
| Highfield would not break out the operating profit figure for the four-and-a-half month period to 4 May financial update reported on Monday, but said that a relaunch of 183 titles and focus on developing a digital strategy is paying dividends. | Highfield would not break out the operating profit figure for the four-and-a-half month period to 4 May financial update reported on Monday, but said that a relaunch of 183 titles and focus on developing a digital strategy is paying dividends. |
| "For the first time in almost seven years, we are in a position to report a year-on-year increase in operating profit for the period," he said. | "For the first time in almost seven years, we are in a position to report a year-on-year increase in operating profit for the period," he said. |
| Highfield is looking to take out another £20m in costs this year, but said the impact would be much more "modest" than the deep cuts last year. | Highfield is looking to take out another £20m in costs this year, but said the impact would be much more "modest" than the deep cuts last year. |
| Total revenues for the period fell 11.4%, with advertising revenues down 15.1%. | Total revenues for the period fell 11.4%, with advertising revenues down 15.1%. |
| Highfield, a former Microsoft executive and ex-BBC director of future media and technology, said the development of a digital strategy at Johnston Press was starting to bear fruit. | Highfield, a former Microsoft executive and ex-BBC director of future media and technology, said the development of a digital strategy at Johnston Press was starting to bear fruit. |
| Excluding digital recruitment and its directory business, online revenues surged by 32.2% year on year in the 18-week period, albeit from a low base, with most of the growth coming from digital display advertising. | Excluding digital recruitment and its directory business, online revenues surged by 32.2% year on year in the 18-week period, albeit from a low base, with most of the growth coming from digital display advertising. |
| Revenues from the digital property business rose 75% year on year for the period, while automotive surged 144%. | Revenues from the digital property business rose 75% year on year for the period, while automotive surged 144%. |
| Johnston Press-owned DealMonster, the GroupOn-style daily deals service targeting local communities, has increased its revenues by 278%. | Johnston Press-owned DealMonster, the GroupOn-style daily deals service targeting local communities, has increased its revenues by 278%. |
| Highfield said it will make a "seven-figure" contribution to Johnston Press's bottom line this year. | Highfield said it will make a "seven-figure" contribution to Johnston Press's bottom line this year. |
| "It is a good bellwether of the long-term future viability of the business," he said. | "It is a good bellwether of the long-term future viability of the business," he said. |
| Highfield said that the financial update was positive, but he remained cautious. | Highfield said that the financial update was positive, but he remained cautious. |
| "We need to be circumspect," he said. "The macro-economic climate is [still] challenging, but we are growing the digital business and we are cutting our cloth accordingly. We are making the business viable for the long haul." | "We need to be circumspect," he said. "The macro-economic climate is [still] challenging, but we are growing the digital business and we are cutting our cloth accordingly. We are making the business viable for the long haul." |
| Highfield said that despite the tough market conditions, the rate of decline in ad revenues has been has been slowing in each of the first three months of the year. | Highfield said that despite the tough market conditions, the rate of decline in ad revenues has been has been slowing in each of the first three months of the year. |
| This did not hold in April, which Highfield said was hit by the phasing of the Easter break and unseasonably bad weather, but he said the trend is promising. | This did not hold in April, which Highfield said was hit by the phasing of the Easter break and unseasonably bad weather, but he said the trend is promising. |
| The company has relaunched 183 of its titles to date, which Highfield said helped limit circulation revenue decline to just 0.8%. | The company has relaunched 183 of its titles to date, which Highfield said helped limit circulation revenue decline to just 0.8%. |
| Highfield said he remains confident that Johnston Press will show positive circulation revenue growth for the year, which would be impressive in a tough market for printed press. | Highfield said he remains confident that Johnston Press will show positive circulation revenue growth for the year, which would be impressive in a tough market for printed press. |
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