Canny Scots stay in profit amid ads slump

MEDIA group Johnston Press – owner of The Scotsman newspaper – has reported a 28.1 per cent fall in pre-tax profits, due to a slump in advertising revenue. The company, which also publishes the Evening News, achieved pre-tax profits of STG98.8m last year, with company debt standing a STG476.8m.

Newspaper circulation revenue fell by 1 per cent while its digital business stacked on 31.1 per cent growth, earning nearly STG20 million.

Cost cutting would occur through this year, its chief executive, John Fry, said.

Another British publisher, MEN Media, publisher of the Manchester Evening News, has said it will shed 150 jobs. It is braced for an 85 per cent fall in profits when its financial year ends on March 31.

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