Johnston Press write-down prompts £144m pre-tax loss

Operating profit fell from 10.3 per cent to £64.6m on turnover down 6.1 per cent to £373.8m

New Statesman
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.
 

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