Advert slump may be easing

NEWSPAPER publisher Johnston Press today revealed half-year losses of £94.2 million as the advertising slump continued.

The group – publisher of the Edinburgh Evening News and The Scotsman – said it had axed another 439 jobs to take its workforce down to 5,969 in the first half, following a 15 per cent headcount cull last year.

The publisher offered hope the worst may be behind it as ad revenue declines eased from a 32.7 per cent plunge to a drop of 26.1 per cent in the first two months of the second half.

In contrast, fellow publisher Independent News and Media warned that its annual earnings were likely to come in lower than hoped.