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March 7, 2014

Archant reports profit rise despite falling revenue

By Paul McNally

Regional publisher Archant has claimed an almost 50 percent rise in operating profits in 2013 despite a fall in revenue.

The group said it had issued a statement to shareholders informing them that profits rose to £9.4m last year. This is up 49.2 percent from the £6.3m profit achieved in 2012.

According to Archant, group turnover last year was down 3.6 percent to £126.6m – while digital revenues grew by 19.3 percent to £7.2m.

Net debt fell 56 percent to £6.8m by the end of the year and cost savings amounted to £7.9m over the year, the group said.

The publisher's full accounts have yet to be filed with Companies House. The results for 2012 were published last September.

Archant chairman Richard Jewson said the results were positive "despite continuing industry challenges and with little help from the economy".

He said: "Our traditional newspaper businesses improved profitability year-on-year. However, challenges in our magazine businesses caused a decline in magazine profitability.

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"Significant efforts have been placed on monetisation of our digital offerings, resulting in a 19.3% increase in digital revenues to £7.2m."

Jewson added: "Whilst we expect to see an improvement in our revenues this year, economic growth will inevitably give rise to cost pressures."

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