Major newspaper group Johnston Press, which owns the Lancashire Evening Post, has announced it is set to secure a long-term refinancing package with regard to its £300m debts.
The group has announced that it has reset its financial covenants through to the maturity of its debt facilities in September 2015.
Johnston Press says it continues to make significant progress with the implementation of its operational strategy.
This is focused on growing the overall audience through the re-launch of its print titles and investing in new digital products across all platforms, returning to top line growth through the acceleration of digital revenue growth and mitigation of print advertising decline, whilst continuing to control costs and dispose of non-core assets.
This progress has been reflected in the group’s financial performance, with like for like operating profit increasing by 4.3 per cent in the six months to June 2013. A further trading update will be provided in March 2014.