Newsprint costs flatten profits at Portsmouth
Saturday 15 June 1996
Pre-tax profits before extraordinary items were down marginally at pounds 9m for the year ending 30 March, from pounds 9.3m last year, reflecting what the company called "difficult trading conditions". The shares lost 15p to close last night at 690p. The company declared a final dividend of 9.01p, for a total of 12.87p on the year, 10 per cent more than last time.
Charles Brims, chief executive, said the results were in line with expectations, but conceded that the loss of the contract to print the Daily Mail and the Mail on Sunday had been a disappointment.
He added, however, that the company aimed to sign up a national newspaper in 1997, once new presses at Hartlepool and Sunderland were operational. "These will be state-of-the-art kit and of very high quality," Mr Brims said.
The company spent pounds 23m on the new presses and other capital projects in the year, with a similar amount budgeted in fiscal 1997. The flat profits in the financial year were offset by a pounds 10m exceptional gain on the sale of the Croydon Advertiser, sold to Southern News late last year. Mr Brims said the sale would allow the company to consider making acquisitions elsewhere in the UK, where the regional newspaper market is undergoing a period of rapid consolidation.
"Two years ago, we thought the situation in the regional market was relatively stable, and didn't expect opportunities to expand," Mr Brims said. "We are now looking at possibilities, and the sale of the Croydon Advertiser Group gives us the means to do so."
Difficult trading conditions in the newspaper market are expected to be offset in the future by supplying services to the electronic media, including audiotext, cable television and the Internet.
P&S has diversified away from core newspaper publishing and printing, developing a chain of convenience shops.One Stop Community Stores underwent rapid expansion in the year, rising from 22 to 122 outlets. Mr Brims warned the high proportion of new shops would mean lower revenues.
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Canadian woman suing police who locked her in van with sex offender who then raped her
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
Gay couple buy JebBushForPresident.com web domain, and refuse to sell
Canadian woman suing police who locked her in van with sex offender who then raped her
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
Stephen Fry explains what he would say if he was 'confronted by God'
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...