Page 469 - The Case Lab Book

In the last financial year (ended 31 December 2004) pre JP

acquisition, Scotsman Publications reported profit before
interest and tax of £7.7m on turnover of £63.5m.

Johnston Press

Johnston Press plc is a multimedia company, headquartered in
Edinburgh (since its acquisition of The Scotsman Publications

Ltd). Its flagship titles are The Scotsman, the Yorkshire Post

and the Falkirk Herald; it also operates around 250 other
newspapers throughout the United Kingdom, Northern Ireland

and the Isle of Man and over 90 web sites.

JP had, by acquisition and subsequent cost control of profitable
though unglamorous local newspapers, grown to become one

of the four largest newspaper owners in the UK and a favourite

of investors. The group had borrowed extensively to fund its
expansion. Within 12 months of the Scotsman acquisition