In a preliminary statement to shareholders, chairman Richard Jewson (pictured) said results in the second half of the year to December 31, 2011, saw year-on-year operating profit growth of 1.6% at £7.8m (2010: £7.7m), on turnover down 2% at £67.8m (2010: £69.2m), compared to turnover down 4% in the first half year.
Following a challenging first half, group operating profit for the full year at £10.4m was down 29.4% (2010: £14.8m) while turnover held up with only a 3% fall to £135.1m (2010: £139.3m). Operating cash flow remained strong at £13.1m (2010: £13.7m) and net debt at the end of the year was reduced by a quarter to £17.4m (2010: £23.3m).
Richard said: “Despite very difficult trading conditions, Archant has continued to invest significantly, both in revenue and in capital, to pursue its strategy of developing a customer-centric, multimedia organisation. With little or no support foreseeable from the economy, it is the actions of the management that will enable us to take advantage of new and emerging revenue streams whilst optimising the existing business.”
Archant is a community media company active in the fields of newspaper and magazine publishing, digital communications and exhibitions. The company’s portfolio includes four daily newspapers, 60 weekly papers, around 80 monthly consumer, contract and regional magazines and over 180 websites and it employs around 1850 people across England.
