pension333: Archant's turnover down by 4.7% as operating profits surge

Archant, the Norwich-based regional newspaper publisher, saw turnover fall by 4.7% in the first six months of this year, down by �3.1m to �63.3m.

But operating profit, following cost reductions of �4.5m and the inclusion of exceptional items, was up by 80.9% or �1.6m,

The private company's interim statement showed its operating profit to be �600,000, which was �1.5m better than the loss of �900,000 in 2012.

Chairman Richard Jewson said strong cost control had been the key to improved profitability, and that he was "pleased" with the financial performance of the group that publishes four daily regional newspapers, including the Eastern Daily Press and Norwich Evening News, and around 50 weekly titles.

"There is much comment that green shoots of recovery are becoming visible," said Jewson. "As yet we see little evidence that this is building confidence amongst our customers.

"Whilst there is some evidence of a strengthening economy we have seen little of this in the consumer markets we serve."

Jewson spoke of a "relatively strong" performance by Archant's Anglia and lifestyle divisions - which also publish 80 magazines - with declines of less than 3%. But trading in London, where its magazines face significant competition, is "more challenging."

He concluded: "Digital revenues in all divisions continued to grow, with an overall increase of 18% on the same period last year.

"We anticipate the group performance for the full year will be in line with target and well ahead of 2012."

He also addressed the controversy of the company's dispute with the tax authorities (HMRC) over corporation tax and interest dating back 10 years. It has made a provision of up to �13m as a possible payment.

According to Jewson, it involves "complex matters of interpretation and judgement" and the company is "continuing to engage in correspondence with them [HMRC] and we expect this to continue in the coming months."

Source: Archant

Roy Greenslade

Source: http://www.theguardian.com/media/greenslade/2013/aug/03/archant-mediabusiness

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