Archant promise fresh post-Leveson business model
Community media company Archant has unveiled plans to reshape its business during an AGM in the wake of the Leveson Inquiry and ongoing tax battle with HMRC.
This will see the Archant implement a ‘transformation’ of its business model to cope with chastened financial realities; including the suspension of all dividends.
In a speech to delegates at the companies AGM chief executive Adrian Jeakings said: “Underlying trading has not got any easier in 2013 but we are seeing the benefit of our investments, particularly in digital where first quarter revenue was nearly 22% higher than last year and local display advertising where we have growth in many areas, and we continue to out-perform our peer companies.
“As you would expect, costs and cash remain closely managed and I am delighted to report that at the end of the first quarter operating profit was on budget and significantly ahead of last year.
“Leveson completely exonerated the regional press from malpractice and recommended that the government should actively support a strong and independent local press. Unfortunately the government’s promises to help the regional press have so far been empty and there are no concrete signs of any change.”