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A bleak outlook has prompted Johnston Press, encumbered with £700m net debt, to raise £121m to fund its metamorphosis into a multi-channel media group. Total advertising revenues were 5.7 per cent weaker in the 17 weeks to 26 April.
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Johnston is seeing good growth from its diversification into digital, but it is still only a small portion of the business. At 118p, Johnston is trading on a mere 3.7 times forecast earnings but, until there are real signs of a recovery, the shares are high enough.
Last IC View: High enough, 181p, 6 Mar 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
