Johnston Press journalists from Leeds have brought their picket line to London – warning management not to use newspapers as a “get rich quick scheme for speculators”‘.
Johnston Press‘s results, announced today, showed a £128.4m operating profit, down 27.9 per cent year on year.
The profit margin was 24.1 per cent – which, according to the National Union of Journalists, is a “dream figure” for most businesses.
Striking journalists came from Leeds to protest outside London financial PR firm Buchanan Communications, where their bosses were discussing the results with City analysts.
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Chief executive John Fry and finance director Stuart Paterson spoke briefly to protestors, who gave leaflets to passing City workers.
NUJ general secretary Jeremy Dear said: “These profits are not as high as the record levels of previous years – but Johnston Press is still taking millions of pounds out of local economies where they are also cutting jobs.
“The profit margin of 24 percent is much higher than most industries would dream of achieving.
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“We want Johnston Press to invest these profits into quality papers and websites to safeguard the future of the company – not to use them as a get rich quick scheme for speculators.”
More than 140 journalists from the Yorkshire Post, Yorkshire Evening Post, and sister papers, are on their 13th day on strike in protest at redundancies and declining quality.
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