The publishers of The Herald, Sunday Herald and Evening Times newspapers has taken the relatively unusual step of announcing news of its profit for a single month.
In a media release issued today, the Herald & Times Group says it has “achieved its planned profit last month despite increasing competition and the growing effect of public sector spending cuts on advertising revenue”.
The announcement is understood to have been made to prove that profit can still be made, despite the market conditions.
No other details of the profit, including how much, are mentioned.
The media release quotes managing director, Tim Blott, saying: “This is a tremendous achievement and puts the group in a strong position at the end of the first quarter. We are better able to face what is shaping up to be a tough April and May when school holidays, the royal wedding and bank holidays are likely to affect newspaper sales and advertising. Our increasing focus on tailoring our products to customer needs is paying dividends.”
The Herald & Times Group also includes the s1 internet advertising agency.
In fact, it says all four of its divisions – newspapers, printing, internet advertising and magazines – met their profit targets.
Blott is further quoted, saying: “Print and online audiences remain under pressure as our rivals try to undermine us with price cuts and promotions but customers are responding to the quality of our products.”