Updates

Johnston Press - Operating margins jump to 35.2%

October 2004

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Regional newspaper baron, Johnston Press, continued its long standing trend of beating forecasts when it unveiled its interim results. For the six months ended 30 June turnover rose 5% to Â£261m, pretax profit jumped a sharper 16% to Â£77.3m and earnings increased 16% to 19.45p. Johnston has made a name for itself through its ability to consistently squeeze out efficiencies and this time was no different with operating margins improving from 33.8% to 35.2%, thanks to better management of production and distribution costs. It also generated useful top line growth, driven mainly by a 6% increase in advertising revenue. The brightest sector was employment advertising (up 13%), partly reflecting a pickupi ...

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