Archant sees profits dip 29%

Norwich-based regional publisher Archant has reported a 29.4% year-on-year fall in operating profit for 2011 to £10.4m. Archant, which publishers 64 newspapers and 80 magazines, said revenues fell 3% year on year to £135m. The owner of titles such as the Eastern Daily Press said its performance in the second half showed the business was improving. Archant said operating profit actually grew in the second half year on year to £7.8m. Revenue fell 2% to £67.8m, an improvement over the 4% fall in the first half of the year. "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," said the chairman of Archant, Richard Jewson. "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." Archant – which reported good newspaper sales figures for the second half of 2011 that were later criticised for being flattered by the use of bulk copies to boost circulation – said operating cash flow "remained strong" at £13.1m. Net debt was cut by a quarter to £17.4m. • To contact the MediaGuardian news desk email [email protected] or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication". • To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook .