LONDON (SHARECAST) - Mainland European newspaper publisher Mecom continued to feel the pinch of the global economic crisis last year as advertising revenues slumped.
The company, which publishes national and daily newspapers in
the Netherlands, Denmark, Norway and Poland, posted earnings before interest, deprecation and amortisation of €125.5m, down from €174.8m the previous year as revenues slid to €1.41bn from €1.59bn.
While circulation revenues held up reasonably well, slipping to €545.5m from €544m, advertising revenues plunged to €665m from €813.5m. 'This last year has been an advertising crisis, not a newspaper crisis,' said chief executive David Montgomery.
To back up the claim that newspapers are not in crisis, Mecom pointed out that the company is expanding new titles in the Netherlands, and re-launching and enhancing other ones.
The company, which publishes national and daily newspapers in
the Netherlands, Denmark, Norway and Poland, posted earnings before interest, deprecation and amortisation of €125.5m, down from €174.8m the previous year as revenues slid to €1.41bn from €1.59bn.
While circulation revenues held up reasonably well, slipping to €545.5m from €544m, advertising revenues plunged to €665m from €813.5m. 'This last year has been an advertising crisis, not a newspaper crisis,' said chief executive David Montgomery.
To back up the claim that newspapers are not in crisis, Mecom pointed out that the company is expanding new titles in the Netherlands, and re-launching and enhancing other ones.
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