Johnston Press profits up

Johnston Press chief executive Ashley Highfield.
Johnston Press chief executive Ashley Highfield.
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Newspaper group Johnston Press, which owns the Lancashire Evening Post, has announced underlying operating profits up 2.8 per cent as it continues to transform the business.

The publisher also reveals in its annual report for 2014 that underlying profit before tax increased 235.1 per cent to £29.9m from £8.9m

Operating profit increased for the second consecutive year to £55.5m – up 2.8 per cent.

Total underlying revenues of £265.9m reflected a decline of 4.4 per cent for the period.

Digital revenues were up 20​ per cent for the period, from £24m to £28.8m representing 17.4 per cent of advertising revenues.

Chief Executive Ashley Highfield, said:“Following the refinancing we are seeing the business transform into a modern multimedia organisation. The strong growth in our digital audiences and accelerated growth of digital revenues, aided by the roll-out of Digital Kitbag and the launch of Sky Adsmart and 1XL are changing the shape of the Company.

“We are excited about the future for the business and confident of delivering on our strategic objectives of growing an engaged audience base and returning our business to top line growth”.