http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20091111:RnsK3025C
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RNS Number : 3025C

Johnston Press PLC

11 November 2009


  For Immediate Release   11 November 2009


Johnston Press plc

INTERIM MANAGEMENT STATEMENT

Johnston Press plc today publishes its Interim Management Statement which has
been drawn up for the 44 weeks to 31 October 2009, being the last practicable
date, as required by the UK Listing Authority's Disclosure and Transparency
Rules.

At our half year results announcement on 28 August 2009 we reported that total
advertising revenues for the first 26 weeks of the year were down by 32.7% on
the equivalent period in the prior year, and that the trend had improved over
the first 8 weeks of the second half and the rate of decline had slowed to
26.1%. This trend has continued with the last 10 weeks only down by 19.1% such
that the first 18 weeks of the second half of the year have seen a total
advertising decline of 22.1%.  The greater stability in advertising revenues we
referred to in the half year announcement has continued with the average weekly
advertising revenues in September and October being at the same level as in May
and June, with improvements in the property market offsetting a continued
decline in recruitment related revenues.

In addition to the significant cost reductions made by the Group in the second
half of 2008 and the first half of 2009, we expect further progress to be made
with a year-on-year reduction for the full year to be around £50m.

During the month of October, the Group announced the closure of two printing
operations, one in Kilkenny, Republic of Ireland and the other in Edinburgh,
Scotland.  The impacted titles will be moved to either third parties or other
group presses allowing increased colour, as well as cost reductions in 2010.
There will be increased redundancy costs from those previously anticipated such
that the cash exceptional costs for the year will be close to £12m.  These
closures will also result in a write-off totalling £20m being the book value of
the presses on these sites.

The business continues to be cash generative, however, there is limited scope
for debt reduction in the second half of the year. This is as a result of the
£15m fees on the refinancing which were payable on signing, the exceptional
costs noted above and the increased interest costs.

Given the greater stability in advertising revenues, combined with reducing
declines in circulation revenues and continued progress with cost savings, the
Group is confident of delivering an operating profit in line with current market
expectations for 2009.

  Contact:


  John Fry, Chief Executive or                 Richard Oldworth/Suzanne Brocks/
  Stuart Paterson, Chief Financial Officer     Christian Goodbody
  Johnston Press plc    Tel: 0131 225 3361     Buchanan Communications    Tel: 020 7466 5000



The Interim Management Statement may contain forward looking statements which;
have been made by the Directors in good faith based on the information available
to them at the time of their approval of the Statement; and Should be treated
with caution due to inherent uncertainties, which are beyond Johnston Press'
ability to control or estimate precisely and include both economic and business
risk factors, underlying such forward looking information.


This information is provided by RNS

The company news service from the London Stock Exchange

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