National World says upgrading gathering pace
Print revenue decline has slowed
Media group National World, whose titles include The Scotsman newspaper, said performance in the second half of the year has remained robust and the board expects the full year adjusted results to be substantially ahead of the company’s expectations.
“Since the acquisition of JPI Media and its subsidiaries on 2 January 2021, the modernisation of the business has proceeded at pace and we have established a media presence across the whole of the UK with numerous online launches,” it said in a trading update.
“At the same time, we have delivered efficiencies and there has been an improvement in advertising revenue.”
Revenue for the full year is expected to be c.£85 million with revenue in the second half expected to be broadly in line with the second half of 2020.
Robust digital revenue growth of c.20% is expected for the full year with print revenue year on year trends expected to be significantly improved with a decline of c3% in the second half compared to the 9% decline in the first half.
The company has begun a rationalisation of its property portfolio with a reduction in office space as it adopts flexible working. The Scotsman titles in Edinburgh are moving to the WeWork offices in George Street.
The changes will result in one-off costs for vacant space and lease obligations for a number of properties that will be fully or partially vacated by the end of the year.