Archant announces 61.1% drop in profits

The Norwich-based publisher Archant has announced a 61.1 per cent fall in operating profits for the year up to June 2009, despite a rise in digital revenues.

Archant, which runs a range of daily and weekly titles in East Anglia, London and the south west of the UK, made £14.8 million in operating cuts so far this year, according to the figures released over the weekend.

The group’s newspaper and printing operations saw a 25.3 per cent decrease in profits over the same period to £49.1 million, while magazine profits were down by 22.2 per cent to £21.7 million.

In contrast, the company’s digital revenues increased by 18.9 per cent – but this rise was not enough to offset the downturn in traditional revenues for the publisher.

“Adjusting to this new and different world and restoring levels of profitability will take time. We remain confident of our ability to exploit the many opportunities to do so, utilising our powerful brands and building on our relationships with our readers and advertisers,” said chairman Richard Jewson in the release.

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