Johnston Press PLC AGM Trading Update (2657Q)
June 05 2018 - 2:00AM
UK Regulatory
TIDMJPR
RNS Number : 2657Q
Johnston Press PLC
05 June 2018
5 June 2018
Johnston Press plc
AGM TRADING UPDATE
Johnston Press plc ("the Group"), one of the UK's foremost news
publishers, issues a trading update for the period from 1 January
2018 to 31 May 2018 and an update on its Strategic Review, ahead of
its AGM today.
Trading and Outlook
Trading so far this year has seen Group revenues down 9%, but a
continuing strong performance from the i newspaper. Expectations
for the full calendar year 2018 remain in line with market
expectations.
The trading environment remains extremely challenging,
exacerbated in recent months by uncertainty around future paper
costs and the impact of GDPR on digital advertising revenues. We
expect to see continued pressure on revenues in the second half of
the year, and a requirement for cost savings.
Cash at bank at the end of May was GBP24.6 million.
Strategic Review Update
On 29 March 2017, the Group announced it had commenced a
Strategic Review to assess the financing options available to the
Group in relation to its GBP220 million 8.625% senior secured
notes, which become due for repayment on 1 June 2019 (the "Bonds").
The Board subsequently announced on 2 November 2017 that an ad hoc
committee of bondholders had been formed to consider certain
potential amendments to the Group's capital structure, combined
with certain proposed amendments to the Group's pension scheme.
No agreement on these potential amendments has been reached.
However, the Group is continuing to work with the ad hoc committee
and its other stakeholders on a number of alternative strategic
options for the restructuring or refinancing of the Bonds prior to
June 2019. As stated in the Group's 2017 Annual Report, any
proposal that results from these discussions will remain subject to
negotiation and consent of relevant stakeholders, and there can be
no certainty that a formal proposal will be forthcoming.
Enquiries:
Johnston Press plc
Peter McCall, Company Secretary Tel: +44 (0)131 311 7500
Powerscourt
Peter Ogden Tel: + 44 (0) 20 7250 1446
About Johnston Press
Johnston Press is a leading multimedia business with a vibrant
mix of news brands that reach national, regional and local
audiences. We provide news and information services to local and
regional communities through our extensive portfolio of hundreds of
publications and websites.
Sharing information and opinion remains at the heart of what we
do and our titles, which include iconic publications such as the i
newspaper, The Scotsman, The Yorkshire Post and News Letter in
Northern Ireland are read via traditional print, online platforms
and mobile devices by 37.8 million people every month.
We are experts in combining national reach with local targeting
and are better equipped than ever to help advertisers tell their
stories, too, through our trusted platforms.
Forward-looking statements
The report contains forward-looking statements. Although the
Group believes that the expectation reflected in these
forward-looking statements are reasonable, it can give no assurance
that the expectations will prove to have been correct. Due to the
inherent uncertainties, including both economic and business risk
factors underlying such forward looking information, actual results
may differ materially from those expressed or implied by these
forward looking statements. The Group undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Johnston Press Legal Entity Identifier: 213800JFIBCR4LGUA242
Classification: Inside Information.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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