Sport Media Group is reporting improved circulation for its newspapers and plans to cut costs.
The shares recovered 0.625p to 5.5p each, which values the newspaper publishers at £5.33m.
The Daily Sport’s circulation has risen above 75,000 for the first time since November 2008. Advertising is steady and the improved circulation could help advertising revenues improve. They should also help the interative business.
Annualised costs have been cut by £700,000 and a new printing contract will have a materially beneficial impact on profitability.
Operations are being consolidated in Manchester. Finance director Andy Fletcher is stepping down in July 2009.
There is still £12m of debt even after the recent refinancing.
Another trading statement is expected when 12 month figures to July 2009 are reported in the autumn.
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