Norfolk-based newspaper publisher Archant has announced a 29.4% drop in operating profit in the last financial year to £10.4m.
Turnover was down 3%from £139.3m to £135.1m, while operating cash flow remained stable at £13.1m. Net debt was reduced by 25% to £17.4m.
However, Archant reports a much stronger performance in the second half of the year. In the six months to December 31, group operating profit was said to be up 1.6% to £7.8m on turnover down 2% to £67.8m.
Chairman Richard Jewson said: “Despite very difficult trading conditions, Archant has continued to invest significantly, both in revenue and in capital, to pursue its strategy of developing a customer-centric, multimedia organisation.
“With little or no support foreseeable from the economy, it is the actions of the management that will enable us to take advantage of new and emerging revenue streams whilst optimising the existing business.”
Archant's newspaper titles include the Eastern Daily Press, Norwich Evening News and Ipswich Star.