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Embattled Johnston Press refinances

Wed, 25th Apr 2012 12:19

Johnston Press released its delayed full year results and they were not worth waiting for, as a slump in advertising revenues led to a collapse in profits.The owner of The Scotsman and Yorkshire Post newspapers had put back the release of its results because it had been busy negotiating with its lenders over an extension of its credit facilities. The company announced with its results a new three year £393.0m secured facility, which amends and extends the current facility agreement with a revised expiry date of September 30th 2015. The company posted an pre-tax loss of £143.8m for 2011 (2010: profit £16.5m) on revenues of £373.8m (2010: £398.1m), after taking a £163.7m charge in respect of the reduced value of intangible assets, which it said mainly reflected a change in the discount rate used within the impairment calculation rather than a change in the underlying performance of the assets.Before non-recurring items pre-tax profit fell from £30.5m to £28.4m. Underlying earnings per share - which exclude the effects of the write-down - slipped to 3.50p from 3.67p in 2010.Total advertising revenues decreased by 9% year-on-year with employment revenues continuing to contribute most to the decline. The rate of decline slowed from 10.1% in the first half to 7.7% in the second half.Revenue from newspaper sales was down 1.1% compared with 2010. In a statement the company said: "We are mitigating the shortfall in advertising revenues through tight operational control and cost management across the group. In addition, the group is continuing to develop its other revenue streams." Chief Executive Ashley Highfield added: "Although the prospects for the economy remain downbeat in the short term, I believe we can return Johnston Press to being a growth business through the twin track approach of re-launching and revitalising our papers while simultaneously growing our websites, and taking full advantage of the opportunities created by technology and the changing media demands of our users to deliver innovative propositions."No dividend has been proposed for the year and excess cash will continue to be used to reduce the group's indebtedness. Net debt at the year end was £351.7m (excluding any reduction from unamortised financing fees), representing a reduction of £35.0m over the course of the year. The group remained strongly cash generative throughout the year, with net cash in from operating activities of £67.9 m. This cash was primarily used for cash interest payments of £25.6m and to repay borrowings. NR

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25 Jan 2017 10:14

Johnston Press wins contract to print Daily Mail

(ShareCast News) - Multimedia company Johnston Press, owner of brands like The Scotsman and The Yorkshire Post, has won a contract to print the Monday to Saturday issues of the Daily Mail for an undisclosed sum. The agreement comes after Associated Newspapers, a wholly owned subsidiary of DMGT respo

17 Jan 2017 11:07

Johnston Press sells East Anglia newspaper business for £17m

(ShareCast News) - Johnston Press, the owner of the i, the Scotsman and many local newspapers, has sold its East Anglia business for £17m in order to focus on key growth areas. The London-listed company said it has completed the sale of Johnston Publishing East Anglia, which owns 13 publishing tiles

19 Dec 2016 09:07

Johnston Press Agrees To Amend Terms Of Debt Facility With Lenders

14 Nov 2016 07:58

Johnston Press confirms late discussions with Iliffe Media

(ShareCast News) - Johnston Press confirmed on Monday that it is in late discussions with Iliffe Media about the potential disposal of certain titles. The company, which completed the £4.25m sale of its Isle of man titles to Tindle Newspapers back in August, has previously announced that as part of

10 Nov 2016 10:54

Johnston Press sees its performance continuing in-line

(ShareCast News) - Johnston Press sees its performance continuing in line with expectations as it focuses on cost cutting to mitigate revenue declines and impact of sterling's weakness on paper prices. "Following the successful disposal of the Isle of Man titles in August, we continue to explore opp

26 Oct 2016 08:29

BROKER RATINGS SUMMARY: Goldman Slightly Less Negative On UK Grocers

11 Sep 2016 15:45

Sunday newspaper round-up: Inflation, MPC, Tesco, Rolls-Royce, Morrisons

(ShareCast News) - At their meeting this week, the Bank of England's rate setters are expected to pause and take stock of the impact on the economy of its recent interest rate cut, while UK inflation is set to continue its modest rise figures are likely to show. While inflation is likely to be boost

23 Aug 2016 15:58

London close: Blue-chip miners, banks push FTSE higher as house builders fly

(ShareCast News) - London indices closed up thanks to heady gains among house builders after Persimmon posted robust first-half results, with miners, financials and supermarkets also on the up. While house builders dominated the top end of the blue-chip leaders' ladder, it was "miners and banks that

14 Aug 2016 17:49

Sunday newspaper round-up: Brexit in 2019, bank regulation, ITV, William Hill

(ShareCast News) - Britain could remain in the EU until late 2019, almost a year later than predicted, ministers have privately warned senior figures in the City of London. Theresa May has been expected to enact article 50 in January, setting in train the formal two years of negotiations before Brex

10 Aug 2016 08:35

BROKER RATINGS SUMMARY: Panmure Raises RSA Insurance To Buy From Hold

7 Aug 2016 13:59

Sunday share tips: Johnston Press, IG Design

(ShareCast News) - Sell shares in Johnston Press, was the advice of the Sunday Times' Inside the City column. The publisher, recently added to its stable of local newspaper that ranges from the Burnley Express and the Isle of Man Examiner down to the Crawley Observer and Portsmouth's The News, with

4 Aug 2016 11:01

Broker tips: Johnston Press, Direct Line, Hikma Pharmaceuticals

(ShareCast News) - Johnston Press shares plunged on Thursday as Numis placed its rating and target price 'under review' after the company swung to a first half loss. For the 26 weeks to 2 July, the company posted a statutory pre-tax loss of £183.7m versus a £2.2m profit the year before, as it booked

4 Aug 2016 10:00

Numis puts Johnston Press 'under review' after first half results

4 Aug 2016 09:46

Johnston Press swings to loss in first half

(ShareCast News) - Newspaper publisher Johnston Press swung to a loss in the first half, mainly on the back of an impairment charge. For the 26 weeks to 2 July, the company posted a statutory pre-tax loss of £183.7m versus a £2.2m profit the year before, as it booked a £183.6m non-cash impairment re

8 Jul 2016 11:43

Johnston Press chipper on 'i' newspaper readership

(ShareCast News) - Johnston Press is increasing the readership of 'i' newspaper at a clip ahead of management views, with advertising revenue hitting a fresh high in the week to 29 June. The last week's sales showed daily circulation consistently more than 300,000, peaking at 319,000 on 29 June. In

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