Newsquest, publishers of The Herald, reports 7.9% revenue decline
Newsquest, which publishes 189 UK newspapers including the The Herald in Glasgow and the Argus in Brighton, has reported a year-on-year decline in revenue of 7.9% for the fourth quarter of 2010.
The company said that national advertising was down 1.6%, retail by 5.9% and classified by 10.2%. Within classified automotive was down by 5.7%, housing by 3.6% and employment by a whopping 21.3%.
The division is underperforming Gannett’s US publishing operations, which includes USAToday. They reported a 4.8% decline in revenue for the same period.
However, speculation that the company is not making money and may be sold has been denied by finance chief Gracia Martore (pictured). She said the business “makes a lot of money,” and has margins that are, “in the high teens.”
Earlier this month, according to The Guardian, an internal memo was circulated to Newsquest staff in Wales, Gloucestershire, and the south Midlands, asking them to take a week’s unpaid leave because of ‘poor trading conditions.’