Johnston Press hit by ad sales

REGIONAL newspaper publisher Johnston Press saw shares fall eight per cent yesterday as it said that market conditions in the third quarter of the year had been worse than expected.

However, the company said it was “seeing some positive signs of a slowing in the rate of revenue decline in November”. It said it predicted circulation to grow year-on-year in the final quarter of 2012, and that a cost-saving plan had gone better than expected.

The company, which publishes around 250 newspapers, said revenues had fallen 11.4 per cent in the third quarter, while advertising sales fell 14 per cent.