Early data help stem LLP's fall

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The Independent Online
MANAGEMENT AT Lloyd's List, the oldest daily newspaper in the world, has run into conflict with the National Union of Journalists over plans to introduce new technology.

The row, which revolves around the threat to editing jobs, is the latest in a series of difficulties to hit the parent company, LLP, since its flotation on 17 April.

Yesterday the company brought out early a set of interim financial figures in a bid to stem a decline in its share price. LLP floated at 285p but the price had slid to 205p. Shares rose to 224.5p by close last night after management unveiled an 8 per cent increase in pre-tax and pre-exceptional profits to pounds 4.3m on the back of sales up 14 per cent at pounds 25.3m.

LLP's chief executive, David Gilbertson, was confident about future trading conditions and said the company hoped to complete a series of acquisitions before year-end. But he added: "We brought forward the interim statement because the lack of information coming from the company had led also to uncertainty and rumour."

The former Lloyd's List editor, who became a paper millionaire at LLP's flotation, confirmed there were differences of opinion with the NUJ but said discussions were continuing.