The chairman of Archant, the UK regional publisher whose titles include the East Anglian Daily Times, says its current performance is broadly in line with expectations and that the company should be debt-free by the end of 2014.

To send a link to this page to a friend, you must be logged in.

Writing to shareholders in lieu of an interim statement, and after changes in the firm’s senior management, Simon Bax said he hoped to be able to announce a replacement for chief executive Adrian Jeakings, who stepped down in July after 12 years, shortly.

He praised Mr Jeakings for leading the firm through “an extremely difficult period for the entire industry”. He “worked tirelessly” to transform the group and left it in good shape financially and with an excellent management team, he said.

After the appointment, the firm will complete a strategic review of the business, he added.

Archant was “a very special company, with a strong set of values and a reputation for integrity and trust that is deeply rooted in the communities that it serves”, he wrote.

The company was undergoing a lot of change as it adapts to the structural challenges facing the industry, he said, but believed it was moving in the right direction, and expected reported numbers to be at similar levels to last year.

“There is an energy and an enthusiasm that is palpable. We can be proud of the strong brands that make up the group and be confident in their future.”

It was a difficult operating environment, but a number of initiatives were beginning to show results, and cash performance remained strong. He anticipated that would continue in the second half, and having no bank debt at year end.

“Unfortunately, our long running dispute with HMRC continues and we do not expect this to be concluded in 2014.”

0 comments

Comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Forgotten your password?

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

ADVERTISEMENT

ADVERTISEMENT

loading...

ADVERTISEMENT

ADVERTISEMENT