Unveiling its interim management statement for the 44 weeks to 1 November, the company said total revenue was 15.5% down on the same period last year.
During the first half of the year, ad revenues fell by 9.5%, but today Johnston Press warned that overall performance has deteriorated since then due to further substantial declines in property advertising, combined with significant falls in employment and display advertising as the UK and Republic of Ireland economies suffered from both the ‘credit crunch’ and a reduction in economic activity as both countries encountered recessionary pressures.
Between the 27th and 44th weeks of the year, there have been year-on-year declines in property ad revenue of 48.4%, a 32.1% fall in employment ads, a fall in motor ads of 24.3% and a drop in display of 12.1%.
Over the first 10 months of 2008, Johnston Press’ print revenue was down by 17.4%, while digital advertising continued to grow strongly at 36.8%.
But even here, the company warned that digital ad growth has slowed in recent weeks reflecting the performance of the wider economy.
Newspaper sales revenues over the first 10 months of 2008 were slightly down on last year.
The company said in a statement Given the challenging and deteriorating economic and operating environment, the group is concentrating on managing its cost base and reducing its debt levels, but would still expect to deliver an operating profit for the full year at the lower end of current market expectations.
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