26 April 2012 – interim management statement

Total revenue for the three months to 31 March at the group was down by 6% on 2011 as advertising revenue fell sharply.  Non-advertising revenue was broadly similar to last year.  Although costs have been reduced, the savings have not been sufficient to make up for the lost revenue and so EBITDA for the first quarter is lower than 2011.  This trend is expected to continue for the rest of the year with full year profits likely to be lower than 2011.  Nevertheless, this is all pretty much in the share price already and we rate the shares as a SPECULATIVE BUY.