[HTML_REMOVED]Archant[HTML_REMOVED] has announced a fall in operating profits for the year to December 31, 2008, against a background of continuing economic uncertainty and advertising revenues falling in all major categories.
In a preliminary statement to shareholders, chairman [HTML_REMOVED]Richard Jewson[HTML_REMOVED] (pictured above) identified significant full year declines in recruitment and property advertising revenues in the newspaper business and in property and display advertising in the Life magazines, offset by significant progress in the development of on-line activities and revenue as contributors to a 27.2% decrease in total operating profits to £22.2m (2007: £30.5m).
Turnover from ongoing operations reduced 9.2% to £174m (2007: £191.6m) while operating costs were reduced by 6.4%
On-going newspaper and printing operations saw a 31.8% decrease in profits to £16.2m, while magazines and contract publishing saw profits down 17.9% at £5.8m.
Online activities saw revenues increase by 51.1% to £3.8m driven by the further development of jobs24.co.uk and on-line display advertising.
Richard Jewson said: “We expect the difficult trading conditions, which have deteriorated through the last few months, to continue for 2009 and beyond. It is impossible to know the timing and extent of any recovery and difficult to foresee the shape and scale of our industry in the years ahead.”
Archant’s AGM takes place on April 30 at the Assembly House in Norwich.
© Archant Ltd 2013