Johnston Press, the UK’s second largest regional newspaper publisher with 250 titles including The Scotsman which it bought this year, has seen no sign of the advertising gloom lifting.
A trading update issued today says that in the five months to June 3 ad revenues on a like-for-like basis, excluding acquisitions, were down 9.4%. This is a slight improvement on the year-on-year figures given in March.
The company blames higher unemployment and lower vacancies; lower car sales and dealer consolidation; weakness in consumer confidence and poor results from a number of high street retailers.
But property and other classified advertising continued to grow. Circulation revenues were ahead of last year and there was good growth in internet publishing activities.