Scotsman owner National World makes strong start to 2022 amid Covid recovery
National World, the media group that owns The Scotsman and Edinburgh Evening News, has reported a strong start to the year after booking annual revenues of £86 million.
The financial results for the 52 weeks to January 1, 2022 also reveal adjusted underlying earnings of £10.1m. It is the first set of annual results since the group acquired JPIMedia in January 2021.
The group highlighted an improvement in print performance, with some recovery following the declines experienced during lockdowns arising from the pandemic.
It also pointed to increased investment in digital development, contributing to improvements in user experience.
Strong digital revenue growth of 23 per cent over the year partially offset a 6 per cent decline in print revenue.
The National World brand is to be adopted as the company’s trading brand.
Chairman David Montgomery said: “We have made significant progress in the first year following the acquisition of JPIMedia Group, achieving a strong performance and initiating a transformation of the operating model to build a sustainable premium content and sales business.
“As well as pursuing organic growth through new launches and relaunches, management is actively developing acquisition opportunities primarily targeting businesses that will enhance its digital capabilities and broaden its content base.”
Commenting on current trading, the group noted: “The board is encouraged by the good start to the year and expects the company to make continued progress in delivering its strategy for growth.
“There is some uncertainty in the trading environment because of inflationary pressures, in particular newsprint and printing costs, and the global instability as a result of the Ukraine war.”