Johnston Press shares plunge as news firm reports sales fall

<p>Shares in Johnston Press have nosedived following the firm’s disappointing sales results.</p>

Media group Johnston Press has witnessed its share price plunge on the London Stock Exchange (LSE) this morning, after the company reported an 11.4 per cent decline in like-for-like sales.

Its results for the May-October period of 2012 reported that like-for-like print and digital advertising revenues were lower by 14 per cent.

However, the Edinburgh-headquartered group said it could see "some positive signs of a slowing rate of revenue decline in November".

The company has successfully relaunched 54 titles and owns major regional papers including the Yorkshire Post and the Scotsman.

It is also succeeding in branching into the growing digital market, with its digital revenues increasing by 2.9 per cent in the latest period.

Furthermore, its cost savings for the full year are more than originally expected, as they are anticipated to come in at £30 million.

At 11:30 GMT, Johnston Press had lost 10.4 per cent on the LSE to 10.75p per share.

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