Johnston Press share price down despite profits rise

Profits are up at Johnston Press.


Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

The share price of Johnston Press dipped yesterday (May 13th) despite the fact the company announced a rise in its operating profit.

It was revealed by the company that it made its first profits in nearly seven years as a result of cost-cutting measures, but stocks were down by four per cent on the news.

Chief executive Ashley Highfield has implemented a wide range of cuts since joining the company, but it was suggested the measures could go even further in the coming months.

The company said that "provided the trading environment does not deteriorate further", it expects results for 2013 to be in line with current market expectations.

Johnston Press – which is the publisher of newspapers including the Scotsman and Yorkshire Post – has cut hundreds of jobs in the last 12 months and more could be at risk in the next year.

Its stocks are down again in the early stages of this morning's trading. At 08:12 BST, they were recorded at 18.00, a fall of 1.37 per cent on the start of the day.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Related tags:

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar