Property boom helps Johnston

THE property boom is underpinning the performance of regional newspapers group Johnston Press. Johnston, which owns the Yorkshire Post, said trading was ahead of expectations as it approached the end of its half year. Local advertising revenues were up 2% on last year with property and display advertising the main drivers of growth.

Circulation of weekly titles is growing slowly, but the evening papers, including the Lancashire Evening Post, show a small decline. The integration of Regional Independent Media, bought this year for £560m, is going according to plan with exceptional costs of £3m stemming from reorganisation.

The board expects a small increase in turnover which, together with lower costs for newsprint, cost-cutting and synergies from the RIM deal, should give 'a satisfactory result for the year as a whole.' The shares hit a new high, up 4 1/2p at 399 1/2p.