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 Apple has installed security backdoors on 600m iPhones and iPads, claims security researcher
- 2 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Louis van Gaal gets tough with Manchester United players, with Darren Fletcher and Luke Shaw berated in public and Phil Jones left looking bemused
- 4 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 5 Peaches Geldof inquest: Tragic final moments of socialite's life reveal she "lied" to husband about failed drugs tests
Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Malaysia Airlines MH17 crash: Blogger captures footage ‘showing BUK missile launcher that shot down jet’ now back in Russia
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she "lied" to husband about failed drugs tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...
£380 - £480 per day: Orgtel: Business Analyst - Banking - Edinburgh - £380 - ...
£70000 - £80000 per annum: Harrington Starr: My client is a leading financial ...