Scotsman publisher files loss of £38.46m

THE Scotsman Publications Ltd (TSPL) reported a bottom-line loss in the year to the end of December 2008 in figures filed to Companies House that reflected tough trading conditions in the sector.

The company, publisher of The Scotsman, Scotland on Sunday and Edinburgh Evening News, produced an operating profit for the period which became a £38.46m pre-tax loss after taking account of writedowns on the book value of its assets.

In the report, the directors said they believed the company was "well-placed to manage its business risks successfully despite the current uncertain economic outlook".

Michael Johnston, managing director, said it had been a testing period for the whole sector. "There is no doubt that trading remains extremely difficult for media companies, and Scotsman Publications is no exception," he said.

"TSPL has gone through a period of major reorganisation, which has seen the company make significant cost savings, and these should put the company in a strong position to take advantage of any upturn in the economy during the coming 12 months."