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Newspaper firm into the red after 'one-off charge'

By Staff Reporter

Published 05/08/2016

Chief executive: Ashley Highfield
Chief executive: Ashley Highfield

Newspaper publisher Johnston Press - which owns a range of titles in Northern Ireland including the News Letter - has swung into the red in the first half of the year after a one-off charge.

The firm booked a statutory pre-tax loss of £183.7m, compared to a £2.2m profit last year.

It said the loss is linked to a £183.6m non-cash impairment "reflecting a change of assumptions on the publishing titles and print assets". Adjusted pre-tax profits also fell 27% to £12.3m. Chief executive Ashley Highfield said: "The market continues to be challenging and uncertainty surrounding the outcome of the Brexit negotiations has caused further softness in some segments of the advertising market."

Belfast Telegraph

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