Regional newspaper publisher Johnston Press and Yellow Pages group Hibu today demonstrated just how tough the local advertising market has been over the last six months.
Johnston, which is in the middle of a major restructuring, admitted that conditions had been “more challenging” in the last 18 weeks than during the first half of the year with ad revenues falling by 11.4%. It said there were some signs of the slowdown in the rate of decline this month.
The group also upped its cost-savings target for the full year by £5 million to £30 million. But its shares fell 7% to 11.13p.
Hibu’s profits for the six months to September crashed from £69 million to just £7 million as printed directories continue to be wiped out by online advertising. It said it hoped to have a restructuring plan ready to present to debt holders in January but warned again that shareholder value would be little or nothing.
