Johnston Press owns The Scotsman. Photo: Getty Images
Regional newspaper publisher Johnston Press reported a pre-tax loss of £143.8m for the 2011 financial year today as it wrote down the value of its publishing assets.
On an underlying basis, operating profit fell 10.3 per cent to £64.6m on turnover down 6.1 per cent to £373.8m.
Johnston Press spent £38.5m on debt interest payments over the year with debt at the end of the year standing at £351.7m. Interest costs over the year were said to be 9.9 per cent, with £35m paid back.
Johnston announced today that it has secured a new lending facility with its creditors amounting to £393m for the next three years. The group has committed repay a further £70m over the next three years. The refinancing deal has cost Johnston £11.5m in fees.