Johnston Press share price down despite profits rise

<p>Profits are up at Johnston Press.</p>

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.

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