NEWSQUEST’S Scottish and Northern Irish operations increased profits to £10.7m in 2017 from £10.5m in the preceding year.
Newsquest (Herald and Times), publisher of The Herald, posted operating profit of £8.8m in 2017, in line with the preceding year on a like-for-like basis. Profits were held steady in spite of a £1.8m decline in revenue.
The overall Scottish and Northern Irish operation achieved a profit margin of 20.1 per cent in the latest year, up from 18.9% in 2016.
“This strong performance was achieved by focusing efforts to replace declining revenues earned from newspaper sales and classified advertising, with increased activity in new markets such as digital marketing solutions, digital content subscriptions, events and the establishment of branded content partnerships with key advertisers,” said Richard Beastall, finance director of Newsquest Scotland and Northern Ireland.
“The directors of the business also sought to reduce expenditure where appropriate through the removal of loss-making titles or operations.”
Mr Beastall added: “Whilst the challenges associated with operating within this ever-changing market persist, the directors are confident that the business remains well positioned to adapt as is necessary whilst continuing to deliver healthy profit levels.”
Newsquest (Herald and Times) reported a bottom-line pre-tax loss of £7m, reflecting the write-off of non-cash inter-company debts as part of a corporate restructuring.
Mr Beastall said: “The reported loss was the result of a corporate restructure which aimed to simplify Newsquest Media Group by reducing the administrative burden associated with operating many trading companies. To allow the restructure to be completed, a number of companies will be wound up, making it necessary to write off legacy non-cash inter-company debts.”
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